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Paddy Power and Sportsbet to buy out IAS

Paddy Power haven't taken long to put their stamp on the Australian market. Just a couple of weeks after buying 51% of the Matthew Tripp-owned Sportsbet, they have now launched a bid to takeover Mark Read's IASBet. Read's company have been on the market for months, most recently with a hostile takeover bid rejected from Centrebet. 'Chopper' is getting old and wants to enjoy his later years rather than watching his sons piss all his money up against the wall, which isn't as far-fetched as it seems.

The IAS board have approved the deal of 60c per share (last traded at 50c, and was trading at half that price at the start of the year) and unaminously recommend it to all shareholders.

Read the IAS announcement to the ASX here

The Australian wagering landscape is changing rapidly and Paddy Power have well and truly gotten the jump on any of their UK/Irish counterparts.

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