eBet secures control of Odyssey Gaming

eBet secures control of Odyssey Gaming

Gaming systems company eBet (ASX:EBT) has secured the acceptances of Odyssey Gaming's (ASX:ODG) major shareholders in its takeover bid for the poker machine services company.

BRI Ferrier, the receivers and managers of two companies holding a collective 68% of Odyssey Gaming, has accepted the $0.08 per share offer.

eBet, which develops networked gaming machines including WMS poker machines, offered one share for every three Odyssey shares held.

With BRI Ferrier's support, eBet has received acceptances totalling over 80% of Odyssey Gaming. The company has extended the takeover offer for the remaining shares until June 24.

Odyssey Gaming has unanimously recommended the holdouts accept the offer before it expires.

In a letter to Odyssey shareholders, eBet also warned that a minority stake in the company would be “even more illiquid than before,” when control of the company was with two companies in receivership.

eBet first made its bid in March, but at the time offered just $0.07 per share. The company increased the offer to the current price in May.

The deal had been contingent on eBet securing 50.1% acceptances.

EBT shares increased 6.25% on Friday to $0.051, while ODG shares stayed flat at $0.085.

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Tags Mergers and acquisitionsbri ferriergamblingeBetOdyssey GamingASX:ODGASX:EBT

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