Centrebet in Takeover Talks

Thursday 11 March, 2010 18:27

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Centrebet International, one of Australia's leading gambling groups, told the country's Security Exchange that it is involved in takeover talks with interested parties.

The online gaming group said that it is considering non-binding proposals from several sides.

A fortnight ago, Centrebet indicated upon the release of its half year results that it was seeking consolidation moves.

"Consistent with this and in light of the proposals received, Centrebet is facilitating discussions with the perspective parties, in order to determine whether a proposal can be developed that may be viewed in the best interests of Centrebet's shareholders and is capable of being put to Centrebet's shareholders," said the group in a statement.

There were no other details revealed about who the interested parties were or how many were actually involved, however it is generally believed that all those seeking consolidation with Centrebet are foreign groups who operate off Australia's shores.

"Given the nature of the proposals and that further proposals may well be received, it is not considered appropriate or in the best interests of Centrebet and its shareholders to provide any further details concerning the proposals received at this stage," said Centrebet.

Share prices increased 17% this week to $1.80.

Centrebet's Managing Director, Con Kafataris has not ruled out anything in the form that a new deal will take, saying that it was "not just about them buying us."

He said that there were also discussions about "us buying them".

Kafataris said that Australia promised to be the most fertile ground for Centrebet to grow in.

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