Sportingbet Confirms Take Over Approach
By staff
Sportingbet Plc, the Internet gaming company that lost most of its earnings after being forced out of the US, has confirmed in an announcement to the London Stock Exchange, that it has received an approach, reportedly from Bwin Interactive Entertainment AG, that could potentially lead to an offer.

Shares of Sportingbet rose almost 14 percent yesterday on speculation of a possible 65 pence-a-share approach from Bwin Interactive Entertainment AG, an Austrian Web bookmaker, according to today’s Daily Mail, without divulging the source of the information.

The approach is seen to be in a preliminary stage, with Sportingbet refusing to name its suitor, and Bwin declining to comment on the matter, other than the company ‘doesn’t exclude the possibility of purchases.’

Sportingbet shares rose as much as 7.25 pence to 58.5 pence and traded at 58 pence as of 10:25 this morning in London, giving the UK company a market value of £251 million ($482 million). Bwin’s stock advanced €2.7, or 10 percent, to €29.70 in Vienna, the day's highest price.

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