Herald Sun Australia November 13, 2007 09:55amGAMING and media group Publishing and Broadcasting Ltd (PBL) says a bid by its 50/50 joint venture for Gateway Casinos in Canada has been approved by gaming regulators.
Regulators in the provinces of British Columbia and Alberta have approved the bid by the PBL (pbl.ASX:
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News) and Macquarie Group (mqg.ASX:
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News) joint venture, New World Gaming Partners, for Gateway Casinos Income Fund. "Subject to satisfaction of the remaining conditions, the bid is expected to be completed on or about 14 November," PBL said. The joint venture partners will
pay $1.3 billion for the fund, which holds a network of nine casinos in Vancouver, Edmonton and Alberta.
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Gateway Casinos Income Fund: New World Gaming Receives Final Gaming Regulatory Approval
BURNABY, BRITISH COLUMBIA and SYDNEY, AUSTRALIA--(Marketwire - Nov. 14, 2007) - Gateway Casinos Income Fund (the "Fund" or "Gateway") (TSX:GCI.UN) and New World Gaming Partners Ltd. ("New World Gaming") today announced that all necessary regulatory approvals have been obtained from British Columbia Lottery Corporation ("BCLC") in connection with New World Gaming's May 8, 2007 offer (the "Offer") for all of the outstanding units and convertible debentures of Gateway. New World Gaming confirms that all gaming regulatory conditions to its Offer have now been satisfied. Subject to satisfaction or waiver of the remaining conditions to the Offer, including the requirement that 66 2/3% of the issued and outstanding units are tendered to the Offer, the Offer is expected to be completed at 5:00 p.m. (Toronto time) on Wednesday, November 14, 2007 (the "Expiry Time").
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