Betsson wins court approval for NetPlay acquisition
Betsson has secured approval for a court-sanctioned scheme under which it can acquire NetPlay.
Last month, Betsson had an offer of £26.4 million (€30.4 million/$32.8 million) accepted by the NetPlay TV board.
At the time, the two companies said under the terms of the offer, each NetPlay shareholder – should they agree to the deal – would receive 9p in cash for each ordinary share held.
NetPlay and Betsson also said that the deal would be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
This week, the scheme was given the green light by NetPlay shareholders, and the boards of both companies have now confirmed the scheme has also been granted approval by the court.
In accordance with the scheme, the last day of dealings in, and registration of transfers of, ordinary shares on AIM will be today (Thursday), while trading in ordinary shares will be suspended from Friday.
The scheme is set to become effective upon delivery of the Court Order to the Registrar of Companies on Friday, whereupon the entire issued ordinary share capital of NetPlay will be owned by Betsson.
NetPlay and Betsson are expected to make a further announcement on Friday.
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