Betfair has completed an accelerated bookbuilt offering to institutional investors of 8 million ordinary shares in the company.
The offering has been made on behalf of Le Peigné SA, in respect of 5 million placing shares, and Rothschild Wealth Management, acting on an agency basis for shareholders of Betfair connected parties of Edward Wray in respect of 3 million placing shares.
Betfair noted that as a result of strong investor demand, the amount of placing shares on offer was increased from an initial amount of 7.35 million to the total of 8 million now available.
The placing price was set at £32.50 (€44/$49.22) per share, with Barclays acting as sole bookrunner in the placing and N M Rothschild & Sons serving as financial adviser to Le Peigné and Wray shareholders.
In a statement confirming the offering, Betfair said: “Both Le Peigné and the Wray shareholders remain very supportive of Betfair and its proposed merger with Paddy Power and have agreed to lock up those shares not sold in the placing for 90 days from the closing of the placing.”
Betfair also stated that it will not receive any proceeds from the placing.
