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Gala keen to bid for Tote, not for Internet rivals



Printer Friendly VersionPost a CommentTell a Friend about this Article18 October 2006
As reported by: Reuters via Yahoo
Europe's biggest gambling firm Gala would bid for UK state-owned bookmaker the Tote as soon as it became available, but is not targeting any of Britain's listed Internet gambling firms, its chief executive said on Wednesday.

The UK government is now considering its options after last month rejecting an offer of around 320 million pounds ($596 million) for the Tote from a consortium of UK horse racing industry players.

"They should be auctioning, and if they auction it we will be a bidder," Neil Goulden told Reuters. "We're keen to buy it and we're sitting here waiting for the government to decide what they're going to do."

Gala is Europe's biggest gambling firm with an enterprise value of more than 4 billion pounds and operates 174 bingo clubs, 31 casinos and nearly 1,400 licensed betting offices.

The Labour government has pledged to sell the Tote to the racing industry, including its 540 UK betting shops, but an attempt last year to sell it was blocked by the European Commission, which said the price was so low it constituted state aid.


Article By: Reuters via Yahoo

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