Flutter Entertainment – EGM 21 April 2020
The proposed takeover of The Star group is a good opportunity for Flutter to increase its presence in regulated markets. Certainly, the price is high but this deal is an all-share proposal and needs no cash exit. The TSG shareholders will hold c.45.4% of the new group. Both TSG and Flutter have transformational transaction experience. Finally, the COVID-19 outbreak added uncertainty to the transaction, but it has happened on the final stages and the companies have already invested a lot in the transaction. We believe that potential benefits from the Combination overwhelm its potential risks and create a good opportunity for growth.
Paddy Power Betfair is a sports betting and gaming operator. Co. operates four sports betting and gaming brands: Paddy Power, Betfair, Sportsbet, and TVG. In addition, Co. operates across four operating divisions: Online, which is an online sports betting operator in the U.K. and Ireland; Australian, which is known as Sportsbet and is focused on sports betting, with products and marketing around national sports events; Retail, which operates Paddy Power betting shops across the U.K. and Ireland; and U.S., which consists of TVG, a horseracing TV channel and online pari-mutuel wagering operator active in over 30 states, and Betfair, an online casino and horse-racing Exchange in New Jersey.
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
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