UKBetting To Acquire TEAMtalk For £13.7m
UKbetting is to acquire TEAMtalk Media, which owns national speech-based radio station TEAMtalk 252, for approximatly £13.7m.
Earlier in the month TEAMtalk rejected an offer from UKbetting, which valued the company at £10.2. However, after increasing its offer by 33% the digital betting and sports content business now looks set to acquire TEAMtalk's radio and media assets.
The acquisition is still subject to shareholder approval, but TEAMtalk is urging its investors to accept the increased offer.
Peter Dubens, Vice Chairman of ukbetting, said: "The increased offer demonstrates our belief that UKbetting's brands namely Sportinglife and Sportal together with TEAMtalk will make a good match driving further consolidation in the digital sports content market. We can now look to deliver value to both UKbetting and TEAMtalk shareholders."
Chris Oakley, Executive Chairman of TEAMtalk, added: "In the last month we have restructured TEAMtalk, substantially reduced operating costs and explored options for the future both as an independent company and in partnership with other businesses We have concluded that the certainty of the increased offer from UKbetting represents the best route forward for our shareholders."
Earlier in the week, TEAMtalk-owned national speech-based radio station TEAMtalk 252 secured Ladbrokes.com as the lead sponsor of its World Cup breakfast programming (see TEAMtalk 252 Gears Up For World Cup With Ladbrokes.com). According to RAJAR results for the first quarter of 2002 TEAMtalk 252, which launched in February, has a weekly reach of 428,000.
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