It’s been announced that the long-anticipated merger between two of the online gaming world’s biggest names is scheduled to be completed in just a few weeks, by March 31, 2011.
The announcement from PartyGaming regarding its imminent partnership with bwin hit the PR wires upon the news that the companies had successfully met all merger details required by Austrian regulators.
Bwin is currently based in Austria, and PartyGaming in Gibraltar. The merger still awaits official approval from the supreme court in Gibraltar, but problems aren’t anticipated.
“bwin shares will cease trading on the Vienna Stock Exchange at close of business on 25 March 2011,” the news release explains. “For administrative reasons, trading in bwin shares on the Vienna Stock Exchange must be suspended for three days prior to completion and also on the day of completion itself (31 March 2011).
“On 1 April 2011, existing bwin shareholders will receive 12.23 bwin.party depositary interests (ISIN GI000A0MV757) for each bwin share free of charge. These depository interests can then be traded on the London Stock Exchange under the ticker symbol BPTY.L.
“The exchange ratio of 12.23 bwin.party depositary interests for each bwin share will result in so-called ‘fractional entitlements’, rights to fractions of bwin.party depositary interests that cannot be traded on the London Stock Exchange.
“In accordance with the terms of the merger, these entitlements will be disposed of, and the proceeds of sale credited to the original beneficiaries (former bwin shareholders) in a process that may take up to two weeks. The disposal of fractional entitlements is also without cost to bwin shareholders.”
Bwin has now also received anti-trust approval from the relevant authorities in Romania, the news release also explained.