The Stars Group - Flutter Entertainment Merger Approved By Stakeholders

The previously announced merger between The Stars Group and Flutter Entertainment has been approved by the former company’s stakeholders.

The confirmation has come in the form of The Stars Group’s press release. The stakeholders have approved the proposal to combine the businesses in the special resolution.

The Details of the Act

The Business Corporation Act between The Stars Group and Flutter…

…is the act under which the latter will acquire all of the issued and outstanding common shares of The Stars Group.

99.99% of the shares voted at the meeting voted in favor of the special resolution that approves the arrangement.

The Stars Group’s management information circular from March 26th filed under their profile on sedar.com and on sec.gov describes the special resolution in greater detail.

On April 21, 2020, the shareholders of Flutter also approved the Arrangement. Subject to remaining regulatory approvals and customary closing conditions, The Stars Group now currently expects the Arrangement to close in May 2020.

Flutter will acquire all of the issued and outstanding common shares of TSG for £3.8bn.

Wheels Set in Motion

Flutter’s shareholders have also approved the deal – 99.2% of shareholders voted in favour of the merger, with only 0.81% voting against.

The companies expect the deal to close in May. It was first announced in October 2019. It will see Flutter exchange 0.2253 new shares in exchange for each TSG share, with Flutter stockholders owning around 54.64% of shares in the combined business and TSG investors the remaining 45.36%.

Earlier this month…

…Flutter’s CEO, Peter Jackson said that “we continue to work with the remaining international regulatory authorities to obtain the last of the outstanding approvals. Separately, last week we published the necessary documentation ahead of the shareholder votes in April and we continue to make good progress in our post-completion planning.”

Source:

“The Stars Group Shareholders Approve Flutter Combination”, starsgroup.com, April 24, 2020.