The gaming company revealed that is set to buy £300 million of previously-sold shares.
UK.- According to an official statement released by Paddy Power Betfair earlier this week, the company is buying £300 million of shares from the company that were previously sold to other investors. The company will acquire its shares under an approved new buyback programme, as operators revealed in the statement.
The Irish firm Goodbody Stockbrokers will lead the process, as the company revealed in its 2018 second-quarter results published earlier this month. Chief executive Peter Jackson said that the project represents “a step towards a more efficient capital structure, whilst retaining substantial strategic flexibility.”
Meanwhile, Paddy Power Betfair is preparing itself for a long legal battle in Scotland, as the former CEO of FanDuel has filed a lawsuit against Paddy Power Betfair in Scotland, which seeks a compensation of £93.3 million.
The lawsuit states that Paddy Power Betfair “purposely undervalued” FanDuel’s enterprise value during its £361.7 million takeover transaction, as explained by the international media. The lawsuit was filed with a Scottish court by Nigel Eccles, one of the co-founders of FanDuel and it states it represents the interests of the company’s founding team: Nigel Eccles (former CEO), wife Lesley Eccles (former CMO), Tom Griffiths (former CPO) and Rob Jones (corporate advisor).