With £67m in the bank and borrowing facilities that could provide more cash, Andrew McIver, Sportingbet Finance Director, said the company “can either give the cash to shareholders or continue to acquire businesses.”
“If we can find businesses at the right price, which are not earnings dilutive and do something strategic for the business we will acquire them,” he said.
Shares of PartyGaming closed the day at 78.5p, nearly 10 per cent up from the previous day, on the back of news that Lehman Brothers initiated coverage of the online poker company with an \’overweight\’ rating and 100p price target.
In separate news, shares of Tipp24, a German online lottery company, fell almost 5 per cent on their first day of trading after the company and its owners raised over 88m euro in the initial public offering.
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