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Centrebet make a bid for IAS

Mark Read has been trying to sell IAS for a while, but asking a ridiculous price. This sounds a bit more like it, although I'm not sure exactly what Centrebet will gain from it. I doubt there'd be too many punters betting at IAS that don't already have Centrebet accts.

Read the SMH article here

I worked for IAS in 98-99 and still have some shares left after they floated during that time. They're worth about 10% of what I paid for them, now I'll be able to cash in and buy three cases of beer, hooray!

FURTHER UPDATE

Online gaming group International All Sports gained 11c, or 68.75 per cent, to 27c after rival Centrebet made a takeover bid for it at a minimum $18.59 million and up to $29.91 million. Centrebet last traded at $1.34.

204,000 shares traded today, with a low of 26.5 cents. Price opened significantly higher, as usually happens with takeover bids.

Rumours abound that the board will resist the hostile takeover.

FEB 3 UPDATE

From The Australian newspaper

"Centrebet (CIL) $1.34 International All- Sports (IAS) 27c IN late 2007, IAS assured investors a "phalanx of local and international" players were clamouring to acquire the corporate bookmaker after putting itself up for auction.

Instead, IAS has been left with Centrebet's $29 million hostile play, dubbed inadequate and a "flagrant breach" of a standstill agreement relating to earlier failed discussions. IAS, which refused Centrebet's request to lift the deed, will now "vigorously defend" its position before the Takeovers Panel, which can consent to void the agreement."


And a funny, yet very true assessment further into the article..

"Centrebet's offer is conditional on 50.1 per cent acceptance. Centrebet really wants 100 per cent control -- the offer prices rises to 33c if the compulsory acquisition threshold is breached -- but will have to deal with Read and his 27 per cent stake. Centrebet itself has a dominant holder in founder Con Kafataris, so we would hate to think the failure to do a friendly deal stems from having two egos in a small room."

You won't find many better egos in bookmaking than those two....

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