Paddy Power’s shareholders voted in favor of the proposed buyout
“The whole process has been successful from the get-go. 99.99% of our shareholders came down in favor of the buyout, which will proceed over the coming weeks,” added Corcoran, who also revealed that more details about the EGM would follow when Paddy Power announces its 2010 results on 7 March.
The firm acquired a controlling 51% stake of sports bet licensed in Australia’s Northern territories in 2009, and acquired a further 9.8% in February 2010, before agreeing on an initial consideration of AU$132.6m (US$134 million) for the remainder of the shares in December.
The Australian Foreign Investment Review Board approved the buyout earlier this month, meaning the approval of the shareholders was the last obstacle before it could be completed.
The US$134 million payment is broken down into US$ 115million in cash, the issue of US$19.1 million in new shares, and assuming a US$4 million obligation to certain sports bet employees.
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