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Centrebet takeover approved by Australian Federal Court

The Sportingbet bid for Centrebet looks to be signed and sealed now with Australian courts giving approval that it doesn't breach any anti-competition laws. So Ladbrokes choose not to bid on Australia's first online bookie, letting Sportingbet buy them out, so they can then take them over....

Interesting concept - surely someone's paying too much along the line?

Centrebet takeover approved by Australian court

Sportingbet’s takeover of Centrebet has edged closer after receiving the approval of the Federal Court of Australia. The news follows last week’s announcement that the takeover had received the backing of Centrebet shareholders. In a statement to the London Stock Exchange this morning, London-listed Sportingbet confirmed that the schemes pertaining to the takeover will “become effective” upon the lodging of relevant court orders to the Australian Securities and Investments Commission tomorrow. The suspension of Centrebet shares will follow, with the Australian company set to be officially delisted from the Australian Securities Exchange on 31 August, at which point it will become a wholly-owned subsidiary of Sportingbet.

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