|Mark Readís International All Sports (IAS) and UK-based, Australian listed company, Canbet, have agreed to merge in a 1 million AUD deal and operate under the IAS brand. Canbet will become a subsidiary and will IAS take 51 million shares in CBT at a price of 2.04 cents per share, representing a total investment of $1.04 million.|
Mark Read told the Sydney Morning Herald today that the similarities and expansion goals of both companies were the driving forces behind the deal. 'Both have a desire to expand their product ranges and their operations in other regions of the world,' he said.
Read added that CBT's operating base in the United Kingdom was a substantial asset, and that its sports betting niche could provide an entry into the United States sports betting arena. CBT will also take control of its excellent Internet operation.
The merger is expected to take around two months to complete.