Betinternet receives takeover bid
5/18/2001 (By Saskia Wirth, FTMarketWatch.com) LONDON – Shares of U.K. online betting company Betinternet.com [UK:BET] surged up to 40 percent on Thursday after it said it had received a takeover bid.
The company, which is quoted on London’s Alternative Investment Market (AIM), said it had received approaches from third parties which could lead to an offer for its share capital, and that it was currently reviewing the bid.
Shares surged up to 40 percent following the announcement before falling back. They closed up 14.3 percent at 28 pence.
Betinternet.com added it also continued to examine various other strategic options for the development of the company, and that one of them was to remain independent.
Its business is dominated by football bets which total more than 70 percent. Its fastest growing area is the Far East, where it believes its market penetration will give it a competitive advantage when the soccer World Cup is co-hosted by Japan and Korea in 2002.