stocks and mergers
The Christmas season started early for 365 Media
Group. It has been announced that Sky Holdings and 365 media
Group have agreed on a cash offer for the entire share capital
of 365 Media. The offer was 68p in cash for each share of the
company which comes to around £96 million and the fully diluted
share capital of 365 Media at approximately £103 million.
According to the information published by 365 Media, their
entire group reaches around 9 million customers, and would add
about 60,000 new betting and gambling accounts.
On the other extreme -
Sportingbet has announced a first quarter loss of
£241 million, blamed on the £252 exceptional charge for halting
the US operations. However, the gross profit from continuing
operations is up 48% from last years to £31.7 million, with cash
on the balance sheet of £52 million.
In the online poker sector, Party
Gaming is climbing back up, after the big hit of the US gambling
law, which forced the company to close all of its US facing
operations and cut almost 950 jobs. According to the latest
data, daily poker revenues for Party Gaming averaged $720,000
for the past month, compared to $635,000 in the month of
October. The daily revenue for the four weeks up to Dec. 11th
was $920,000 which is showing a really strong upraise. UBS
upgraded Party Gaming stock (and Sportingbet as well) to
"neutral" from "reduce".
And last - Daily Mail has
reported that Ladbrokes is closing on the purchase of 888
Holdings for around £490 million. This news has not been
officially confirmed by any of the two companies, however, press
releases from both have been published last month, confirming
the interest in acquisition.