A third of Britons raid savings

first_img Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof KCS-content whatsapp Nearly a third of UK adults have dipped into their savings in the last year to cover shortfalls in their income, according to a survey by investment firm Schroders. Savers have taken out an average of £4,600 each, totalling £60bn, as the record low in interest rates means fewer returns on prudence. People nearing retirement are the most likely to raid their savings accounts, said the survey. “The amount of capital being drawn down suggests that it is not just rainy-day funds that are being drained, but a significant proportion of individuals’ long-term savings,” said Robin Stoakley of Schroders. Around 34 of per cent of women will spend their savings, compared to 28 per cent of men. Sharecenter_img whatsapp A third of Britons raid savings Sunday 22 August 2010 10:06 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmHero WarsBig Boss of internet games!Hero Warsmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Tags: NULLlast_img read more

Gamesys and Bally’s agree terms on £2bn merger

first_img The boards of Bally’s Corporation and Gamesys Group have agreed terms on a merger that would see Bally’s acquire Gamesys for £2bn ($2.74bn/€2.31bn). In addition, the board said that Gamesys would benefit from Bally’s land-based presence, while Bally’s would benefit from the Gamesys technology platform. 24th March 2021 | By Daniel O’Boyle Bally’s – formerly known as Twin River – has engaged in a spate of M&A in recent months. This included a deal to acquire daily fantasy sports (DFS) operator Monkey Knife Fight, which closed yesterday, and its pending acquisition of sports betting platform supplier Bet.Works. Alternatively, its shareholders may exchange their holding for 0.343 newly issued Bally’s shares per Gamesys share. Bally’s shares were trading at $66.34 per share at market close in New York yesterday, meaning 0.343 shares would be worth £16.55 at the day’s exchange rate. George Papanier, chief executive of Bally’s, would stay on the board after the merger and move into a new role running Bally’s estate of land-based casinos. The Gamesys Group, meanwhile, was formed when JackpotJoy acquired the legacy Gamesys business. Tags: Gamesys Group Bally’s AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter “Our shared passion and vision to capitalise on technology disruption to better serve our customers, wherever they may be, should make for an exciting journey for our employees, customers and shareholders alike.” The deal – which both boards said would help the combined business capitalise on the growing US market – would see Bally’s pay £18.50 per Gamesys share, representing a 12.7% premium on Gamesys’ closing share price yesterday (23 March).  “We believe that this combination would mark a transformational step in our journey to become a leading integrated, omni-channel gaming company with a B2B2C business,” Bally’s chair Soo Kim explained. Explaining the rationale for the deal, the boards pointed to the size of the emerging US online market. Gamesys and Bally’s agree terms on £2bn merger Fenton said the businesses shared an “entrepreneurial energy” that would create “a uniquely powerful company”.center_img The boards added that the new business may “pursue growth opportunities through reinvestment and strategic M&A.” Subscribe to the iGaming newsletter The founders and executives of Gamesys, who represent 30.7% of its shares, have already agreed to support the deal. The founders and executives of Gamesys have already agreed to choose the share offer if the deal goes through. This means the maximum amount of cash that may be paid in the deal is £1.6bn. M&A Topics: Casino & games Finance Strategy Land-based casino Online casino M&A “We are truly excited about the opportunities that this combination would offer and the enhanced and comprehensive experience and product offering that it would enable us to offer our customers.” Bally’s intends to finance the deal via a bridge facility, which will be partially refinanced with a capital raise. Lee Fenton, currently chief executive of Gamesys, would become chief executive of the combined group, and two further Gamesys directors would join its board. “We think that Gamesys’ proven technology platform alongside its highly respected and experienced management team, combined with the US market access that Bally’s provides, should allow the combined group to capitalise on the significant growth opportunities in the US sports betting and online markets. Regions: UK & Ireland US “Bally’s and Gamesys believe that having a combination of both proven, developed technology and land-based platforms across key US states, with global brands, existing customer bases and complementary product offerings will be key to taking advantage of these growth opportunities,” the deal announcement noted. Email Addresslast_img read more