Completion of Merger

RNS Number : 7040N

Paddy Power Betfair plc

02 February 2016

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

THE FOLLOWING ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND PADDY POWER SHAREHOLDERS SHOULD NOT MAKE ANY DECISION IN RELATION TO THE MERGER EXCEPT ON THE BASIS OF THE PROSPECTUS PUBLISHED ON 30 NOVEMBER 2015, THE SUPPLEMENTARY PROSPECTUS PUBLISHED ON 18 DECEMBER 2015 AND THE CIRCULAR THAT WAS POSTED TO PADDY POWER SHAREHOLDERS ON 27 NOVEMBER 2015

FOR IMMEDIATE RELEASE                                                                               2 February 2016

Recommended all-share merger by way of an acquisition
by
Paddy Power plc
of
Betfair Group plc

Completion of Merger

Paddy Power plc (the "Company") notes that on 1 February 2016 Betfair Group plc ("Betfair") announced that the Scheme has been sanctioned by the Court.

The Company is pleased to announce that with the Scheme having now become effective, all of the conditions to the recommended Merger have been satisfied and Completion has occurred. As a result:

-     the name of the Company has been changed to Paddy Power Betfair plc;

-     the changes to the Paddy Power Betfair Board described in the Circular are effective;

-     trading in the Betfair Shares on the London Stock Exchange's market for listed securities and the listing of the Betfair Shares on the Official List of the FCA were cancelled with effect from 8:00 a.m. today; and

-     the New Paddy Power Betfair Shares issued to Betfair Shareholders in exchange for their Betfair Shares have been admitted to: (i) listing on the premium listing segment of the Official List of the Financial Conduct Authority and to the secondary listing segment of the Irish Stock Exchange as an overseas company; and (ii) trading on the London Stock Exchange's main market for listed securities and the Irish Stock Exchange's Main Securities Market.

Unless otherwise defined, all capitalised terms in this Announcement have the same meaning as those contained in the Circular and Prospectus.  All references in this Announcement to times are to times in Dublin (unless otherwise stated).

Enquiries:

Paddy Power Betfair plc
Paul Rushton	[phone]
Mark Irwin	[phone]

Overseas jurisdictions

The release, publication or distribution of this Announcement in or into certain jurisdictions may be restricted by the laws of those jurisdictions. Accordingly, copies of this Announcement and all other announcements relating to the Merger are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in, into or from any restricted jurisdiction. Persons receiving such announcements (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies involved in the Merger disclaim any responsibility or liability for the violations of any such restrictions by any person.

Publication on website

A copy of this Announcement is and will be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on Paddy Power Betfair's website www.paddypowerbetfairplc.com by no later than 12 noon (London time) on the day following this Announcement. For the avoidance of doubt, the contents of the website are not incorporated and do not form part of this Announcement.

 

END

 

 

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