Gala Looking At Bids
The Financial Times reported Monday that several private equity groups are bidding to acquire Gala Group.
Two such groups, Cinven and Candover, have entered a joint bid of £1.2 billion for Gala, which operates bingo halls, casinos and has an interactive arm. BC Partners is also said to be bidding on Gala. Gala is 70 percent owned by Credit Suisse First Boston and 30 percent owned by PPM Ventures. The company is also considering a flotation next spring.
A Gala spokesman said the company has not yet decided what to do.
"Gala continues to examine the options open to it in order to best serve the group and its shareholders," the spokesman said.
Tabcorp May Not Achieve Annual Goals
Analysts are saying Tabcorp Holdings (TAH) might not reach its full-year target earnings since its results for the first five months of the year are only slightly up.
As a result of analysts' statements last week, shares in the casino owner fell to a 10-month low. On Thursday, shares fell 55 cents to AU$10.23, with 4.4 million shares sold.
The company's shares reached an all-time high of AU$13.07 in June. Tabcorp said its wagering division is continuing its good start, and that the Spring Racing Carnival assisted the group with its 7.1 percent increase in wagering. Star City's net revenue is up 0.3 percent.
Electronic gaming revenue is up 7 percent.
Kerzner Sells 2 Million Shares
Kerzner International Ltd. (KZL) on Friday announced that it has sold 2 million ordinary shares by an affiliate of Kersaf Investments Ltd.
Kerzner owns and operates an online casino--Casino Atlantis--which is licensed by the Isle of Man. Kerzner said it will receive about $32.1 million from the transaction.
ISWI Files for $1.1 Million Tax Refund
Interactive Systems Worldwide Inc. (ISWI) said Friday that its subsidiary, Global Interactive Gaming Ltd. (GIG), is filing a tax return for a refund of $1.1 million.
The West Paterson, N.J.-based company said the refund is due because it overpaid value-added taxes (VAT) during while its previous management was in place.
VAT is a tax levied in the United Kingdom by the final consumer of goods and services. Interactive Systems Worldwide said it expects to receive the refund in January.
Semel Buys 30,000 ukbetting Shares
Eric Semel, a director of ukbetting plc (UKB) purchased 30,000 ordinary shares of the United Kingdom-based company on Monday. The shares, which represent 0.06 percent of the issued share capital of the company, were bought for 32 pence per share. The transaction brings Semel's beneficiary interest in to company to 4.42 percent of issued share capital.