Sportingbet plc (SBT.L) Monday reported obtaining clearance from the Federal Court of Australia for its proposed acquisition of Centrebet International Ltd. (CIL.AX). The company expects to file the court's orders with the Australian Securities & Exchange Commission on August 23, 2011 and implement the acquisition of Centrebet shares on or about August 31, 2011.
The recommended proposal, first announced May 26, 2011, sees Centrebet shareholders receive 2.00 Australian dollars per share and also an additional cash consideration depending on the exercise price of each option. It was approved by Centrebet shareholders on August 17, 2011. Sportingbet anticipates making the payment on or about September 1, 2011.
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