Company
The gaming specialist FLUXX AG (ISIN DE000A0JRU67) has successfully clinched the voluntary takeover bid to the shareholders of SPORTWETTEN.DE AG (ISIN DE0005488514 und ISIN DE000A0EPT67), one of the biggest agents for horse betting in Germany. After the extended deadline for acceptance FLUXX AG now holds 59.6 percent of the shares in SPORTWETTEN.DE AG. FLUXX does not exclude the possibility that it will increase its interest yet further independently of the takeover bid.
"We are delighted that the majority of SPORTWETTEN.DE shareholders accepted our offer," remarked Rainer Jacken, Management Board spokesman of FLUXX AG, who described the take-up rate of 59.6 percent as a "precision landing". "Our aim was to acquire a majority interest so that SPORTWETTEN.DE AG could be fully consolidated – while at the same time preserving our liquidity."
Rainer Jacken added: "Nothing now stands in the way of close collaboration between the two companies. We want to exploit synergy potential in the horse betting sector to the full in the current year, with the effect of boosting earnings by around an additional EUR 2.0 million in 2008.
By closely dovetailing betting activities, FLUXX hopes to achieve high revenue synergies and improved profitability. Cost savings should prove possible particularly in the sales, marketing and administration areas, among other reasons because the two competitors are now no longer in competition with each other.
Further informations:
SPORTWETTEN.DE AG online Publication of the decision to make a takeover offer (2007/10/16)