Centrebet Loses Out on International All Sports Deal

Australian privately owned wagering shop Sportsbet has taken a 12.3 percent stake in International All Sports, thus effectively knocking out Centrebet International Ltd. From a potential bid on the company, the Australian Financial Review reported over the last 24 hours.

Sportsbet Chief Executive Matthew Tripp told the newspaper the Darwin-based company had bought the stake to have an influence on IAS's future,. IAS has sales of about A$1.3 billion ($820 million) a year, Tripp told the Review.

Centrebet officially called off its attempted hostile takeover early Wednesday (Australia time). 

Early last month Centrebet announced a 28¢-a-share offer to shareholders in its underperforming rival, rising to 33¢ a share if acceptances reached 90 per cent. The offer was also subject to Centrebet acquiring more than 50 per cent of IAS shares and the Takeovers Panel releasing it from a confidentiality pact.

Jagajeet Chiba, Gambling911.com