Anyone holding these? Evil K drove the price right down and now they seem to be recovering---are they worth considering now they seem to have sorted out their finances?

EVo Securities note:In any takeover situation there are two questions that need to be addressed; (1) is the acquisition consistent with strategy and (2) what is the price? We think the mooted deal (1) firmly fits with Ladbrokes desire to expand its international online opportunities and (2) a bid value of 80-90p/share is a suitable valuation for both sides.

Our view: sound strategic sense for Ladbrokes
We think that a deal makes sound strategic sense for Ladbrokes as it would instantaneously establish a market-leading position in more than 10 global territories, including the key Australian, Spanish and Greek markets.
Ladbrokes is highly UK-centric and does not have the brands to penetrate internationally. Sportingbet, via its eponymous brand and Spanish-facing miapuesta marque, has considerable brand value and a leading trading/risk management team that would both complement Ladbrokes trading division and drive cost synergies.
Value: 80-90p/share for Sportingbet
As always, the key to a good deal on both sides is valuation. Ladbrokes needs to decide what value to put on Sportingbets existing operations that are c33% white (fully regulated) on pro-forma post-Centrebet completion earnings.
In our Sportingbet note of 10 days ago (Hop, 13 June 2011, see attached) we raised our target price on Sportingbet from 70p to 75p based on a higher proportion of regulated earnings and increased earnings from the Centrebet deal.
Given we are still some way from full Spanish and Greek regulation (>6 months and >12 months respectively) and that the Centrebet acquisition (119m deal) is not expected to complete until November 2011, we regard our 75p target price as a valid valuation for current Sportingbet.
We therefore think Ladbrokes should be thinking along these lines (press speculation was focused on a 70p/share value) with a takeover premium of c10-20% in order to secure shareholder approval, thus implying a bid value of 80-90p/share, representing a >90% premium to yesterdays close.
We also think that 80-90p represents a suitable value based on good potential synergies that we estimate could amount to >30m on an annualised basis.
At 85p/share, Sportingbet would be valued at calendarised FY13E P/E of 9.0x (first full-year of Centrebet). We think this is a sensible valuation for taking control of the group, although forecasts remain changeable depending on European regulatory change and synergies from the Centrebet acquisition.
Although shareholders may miss longer-term upside from the growth and development of the key Spanish, Australian and Greek markets, as well as the ongoing cash inflow and/or potential sale proceeds of Turkey, regulatory issues are not insignificant and shareholders may be willing to accept the certainty of a short-term takeover.
It is worth noting that certainty of a deal is low. Ladbrokes has been active in potential M&A since CEO, Richard Glynn, joined the group 12 months ago, including protracted talks with 888 Holdings that came to nothing.
The most natural counterbidders would include similar companies to Ladbrokes that are looking for (1) cost synergies, (2) geographic expansion, (3) international brand opportunities and (4) a market leading sports trading/risk management team.
This would therefore include William Hill (WMH.L, Buy, TP 285p), Unibet (UNIB.SS, Sell, TP Skr 100) and Bwin.Party (BPTY.L, Neutral, TP 210p). Elsewhere, we cannot exclude interest from private operators such as Betclic.
Ladbrokes is the most obvious buyer, in our opinion, although the attractiveness of Sportingbet to a number of operators should support the premium to our target price that we would look for.
Recommendations
Although any approach is stated to be highly preliminary, we think an acquisition of Sportingbet by Ladbrokes makes strong strategic sense for the latter and we would support a bid at a 10-20% premium to our current target price of 75p (unchanged).
Given the need for further international scale and a reduced risk profile, we do not expect any Sportingbet management reticence to accepting a sensibly priced deal, with augmented upside opportunities as part of larger entity.
We retain our Buy recommendation on Sportingbet; with our 75p share price target maintained due to the highly preliminary nature of talks at this stage.

Thanks for that Harry but I don't believe in this market it will get anywhere near that price.

60p - 70p would the the limit IMO.
Because of that, SBT may well turn it down with the subsequent drop in the sp.

I currently hold these.

I also hold these and took advantage of their Open Offer recently at 42p.
I was also offered an extra allowance at 42p which I didn't take up as it would have been quite a large sum of money......damn shame as I would have been very nicely in profit now!
I agree that somewhere around 70p is a realistic figure.

Having misread this company I hope the price will be about 80p.

Might restore my faith in my recent share choices.

I am tucking a few away have a feeling that this might get bought, nothing like a punt on a bookies:-0)

Part of UBS note out yesterday:
In our view, as a standalone entity Sportingbets shares are worth 70p. Therefore the rumoured 70p a share approach from Ladbrokes lacks any change of control premium. We think Ladbrokes will need to offer closer to 80-90p a share if it is to gain a recommendation from the Sportingbet board of directors. We reiterate our Buy recommendation.

Already hold a number of these shares.

When bought expected 80-90 p. But its recovery is welcome.

You put them in your pension with Meldex Mike ????

Pile of shite ... and nothing to do with them banning me honest , tossers :-)

"Sportingbet notes the recent press speculation in relation to its Turkish language website business. The Company confirms that, as part of its long term strategy of increasing the proportion of its business mix derived from regulated markets, it is currently undertaking a review to evaluate its strategic options in relation to its Turkish language website business. This review may lead to an exit from this business.

A further announcement will be made in due course."

Any idea what that means in relation to a proposed bid from Ladbrokes?

Not been able to access the whole article yet, but here's the headline:
"The Times

SPORTINGBET PREPARES TURKISH SALE TO WOO LANDLORDS

Sportingbet is considering the sale of its Turkish betting business, a move that could pave the way for a 600 million pound ($983 million) takeover of the online bookmaker by Ladbrokes ."

Thanks Harry

Trading update
Sportingbet plans to announce its Q4 (three months ended 31 July 2011) and preliminary results on 5 October 2011. In advance of the results the Group is issuing the following pre close trading update.

As expected, the trends experienced during the previous nine months of the year have continued into the final quarter. Challenging economic conditions in some of our European markets have resulted in an increased focus on cost control. Our Australian and Emerging Markets businesses continue to demonstrate the benefits of the Group's geographic diversity with resilient performances throughout the year.

The Company's proposed acquisition of Centrebet is expected to complete at the end of August, with Centrebet shareholders due to vote on the acquisition on 17 August. The acquisition is in line with the Company's strategy of increasing the proportion of its business derived from regulated markets.

The Group continues to monitor regulatory developments closely and expects to take advantage as markets move towards implementing regulation.

The Directors remain confident of the outcome for the financial year just ended.

Statement regarding press speculation
The Board of GVC Holdings PLC (AIM:GVC), a leading online gaming company, notes the recent press speculation and announces that it is in exclusive discussions with Sportingbet PLC regarding the possible purchase of the latter's Turkish language website business (the 'Transaction'). Such a transaction, if completed, would constitute a Reverse Takeover under the AIM Rules. In accordance with the AIM Rules, trading in the Company's ordinary shares will be suspended from 7.45 a.m. this morning, pending publication of a re-admission document.

These discussions are at a preliminary stage and there can be no certainty that they will be concluded successfully. A further announcement will be made in due course.

Result of Centrebet Scheme Meetings
On 26 May 2011, Sportingbet announced a recommended proposal by the Sportingbet Group to acquire the entire issued and to be issued share capital of Centrebet effected by way of two schemes of arrangement under Australian law.

The Board of Sportingbet is pleased to announce that, at the Share Scheme Meeting of the Centrebet Shareholders and the Performance Right Scheme Meeting of the Performance Rightholders held today, the resolutions to approve the Schemes were duly passed without amendment.

The Schemes remain conditional upon the approval of the Schemes by the Federal Court of Australia at the Second Court Hearing and the satisfaction or waiver of the following conditions:
no Target Material Adverse Change occurring;

no Target Prescribed Occurrence occurring; and

no Government Body (as defined in the Scheme Document) taking any action to prohibit, restrain or impose conditions on either of the Schemes,

in each case, at any time before 8.00 a.m. (Sydney time) on the date of the Second Court Hearing.

All of the other conditions as set out in the Scheme Document to Centrebet Shareholders and Performance Rightholders dated 13 July 2011 have been duly satisfied.

The Second Court Hearing is expected to take place on 22 August 2011.

Statement by the Board of Sportingbet regarding a Possible Offer.

On 23 June 2011, Sportingbet announced that it had received an approach in relation to a possible offer for the Company from Ladbrokes plc ("Ladbrokes").

In accordance with Rule 2.6(a) of the Code, Ladbrokes is now required, by not later than 5.00 p.m. on 17 October 2011, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

Talks between Sportingbet and Ladbrokes are still continuing and a further announcement will be made in due course.

TAKEOVER: "This Announcement is for information purposes only. The Company has announced that in accordance with Rule 2.6(a) of the Code, Ladbrokes is now required, by not later than 5.00 p.m. on 17 October 2011, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Further information may follow in due course."

StockMarketWire.com
Sportingbet Plc, has announced results for the year ended 31 July 2011 showing EBITDA for the year up 11% to �51.4m and amounts wagered up 4% year on year to �2,054m with NGR up 1%. Amounts wagered online in Australia was up 62%.

In:play continues to perform strongly - now 67% of European sports amounts wagered (2010: 61%) at an industry leading margin of 9.7% (2010:9.3%)

The company announced a final dividend of 1.1p making a total of 1.7p (2010:1.6p).

Discussions are continuing with Ladbrokes regarding a possible offer for the entire issued share capital of the Group and also with Gaming VC regarding a possible disposal of the Group's Turkish language website

The company insisted integration of Centrebet proceeding well and in line with expectations

Andrew McIver, Group Chief Executive, commented:"This has been a year of significant progress for the Group both in terms of financial performance and corporate developments. We have delivered a strong set of financial results with EBITDA increasing 11% to �51.4m.

"The benefits of operating across a broad geographical base were demonstrated with strong growth in our Emerging Markets division, Australia and some of our European territories, offsetting the economic weakness in Greece and Spain.

"With the acquisition of Centrebet in Australia and the passing of regulations in two of our largest European markets, Greece and Spain, Sportingbet is now well positioned to maximise the opportunities available to it as the global online gaming market continues to develop and regulate.

"The Group has had a solid start to the new financial year with NGR in the first two months 17% above the same period last year."

run for the hills!!

talks terminated


Offer Talks Terminated
Date : 10/10/2011 @ 12:40
Source : UK Regulatory (RNS & others)
Stock : Sportingbet (SBT)
Quote : 37.0 -8.75 (-19.13%) @ 12:47
Quote Chart Trades Level2


Offer Talks Terminated
Share this article print
TIDMSBT TIDMLAD

RNS Number : 8915P

Sportingbet PLC

10 October 2011

Not for release, publication or distribution, in whole or in part, in or into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction

For immediate release 10 October 2011

Sportingbet plc ("Sportingbet" or "the Company")

Termination of Discussions with Ladbrokes plc

Sportingbet plc ("Sportingbet" or the "Company") announced on 23 June 2011 that the Company was in discussions regarding a possible offer for the Company with Ladbrokes plc ("Ladbrokes"). These discussions have been mutually terminated.

The Boards of Sportingbet and Ladbrokes agreed to end discussions as the parties were unable to agree either a suitable structure or one that delivered sufficient value to shareholders in a meaningful timeframe.

The Company can confirm it is not in discussions with any other party regarding a potential offer for the Company. Accordingly, the Company is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers.

Discussions are progressing with GVC Holdings plc regarding a possible disposal of the Group's Turkish language website. A further update on these discussions will be provided when appropriate.

Andrew McIver, Group Chief Executive, commented: "As stated in the Company's final results announcement last week, the Board of Sportingbet remains focussed on its overall strategy of providing a first class sports betting product and of increasing its exposure to regulated markets. The Board remains highly confident of Sportingbet's prospects as an independent company."

Enquiries:

For further information, please contact:

Sportingbet Plc today announces that its wholly owned subsidiaries, Sportingbet Holdings Limited ("SHL") and Interactive Sports (C.I.) Limited ("ISCI"), have each entered into a conditional binding agreement to acquire the entire issued share capital of, in the case of SHL, Danbook Limited ("Danbook") and, in the case of ISCI, Scandic Bookmakers Limited ("Scandic"). The aggregate maximum consideration payable for both Danbook and Scandic is 8.5 million.

Danbook and Scandic are both focused on the Danish market, where they offer customers a full range of fixed odds sports betting, casino, poker and games. Denmark has passed regulatory legislation that comes into force on 1 January 2012, with the first licenses due to be issued on 15 December 2011. Sportingbet views this regulatory framework as representing a commercially viable opportunity, and has already applied for a licence. The combination of Danbook and Scandic with the existing Danish businesses of Sportingbet and the recently acquired Centrebet will transform Sportingbet into one of the largest players in the Danish market.

The deal is expected to close early in 2012 following the satisfaction of conditions including the successful award of new Danish gambling licences to both Danbook and Scandic, and the launch of websites compliant with the new Danish regulations. The maximum aggregate consideration payable across both transactions comprises 4 million of cash and 0.5 million of Sportingbet shares payable immediately on closing, with a further 4 million of cash to be paid across both transactions following the successful migration of the businesses of Danbook and Scandic onto the Sportingbet platform.