Talarius deal goes through


RIP Brian
Feb 22, 2001

Talarius shareholders approve takeover by European Gaming partners Tattersalls and Macquarie Bank

After months of wrangling, and an increased offer, the sale of UK betting group Talarius to a partnership of Australian companies Tattersalls and Macquarie Bank has been approved by shareholders.

The British gaming company has accepted an offer of GBP 142.3 million following a revised takeover offer from the joint Australian partners.

The Victoria-based lotteries and poker machines operator and Australia's largest investment bank formed the equal joint venture, called European Gaming, last November to make the bid and pursue other opportunities in the European gaming sector.

European Gaming launched an initial GBP 137.2 million bid for Talarius, the largest adult gaming centre (AGC) in the United Kingdom, in late November.

On December 29, they lifted the offer (see previous InfoPowa reports) by 10 pence a Talarius share to 280 pence a share, raising the value to GBP 142.3 million).

Tattersall's already owns 10.5 per cent of Talarius shares through its subsidiary, George Adam Holdings.

Pending court approval later this month, the scheme of arrangement related to the takeover is expected to be complete on the 1st February.

tattersalls and Macquarie said in November that European Gaming would be funded through a combination of debt and equity, and would pursue opportunities in the European gaming sector, with the UK AGC market identified as an initial place of interest.

Talarius said in a statement today that 87.95 per cent of shareholders present, in person or by proxy, at an extraordinary general meeting voted in favour of the takeover.