PBL-Macquarie Buyout Extended Until October 24th, 2007

On September 20th, 2007, The Macquarie Bank-PBL $1.3 billion dollars buyout of the Canadian Gateway casino has been extended to October 24th, 2007. The deadline extension was the third one on the buyout collaboration between Macquarie and PBL.

The offer of the two companies was to end on September 26th, 2007. The joint buyout between the two companies, which is known as New World Gaming is offering Canadian Gateway Casino $C25.26 Canadian per unit ($29.03 Australian) in total cash and $1,322.51 ($1,519.57 Australian) per $1,000 principal total of debentures.

While New World Gaming’s has been given the approval of Canadian regulatory officials, it still requires the go signal from the British Columbia and Alberta Gaming regulators.

New World said that they fully understand that both the British Columbia and Alberta regulators are in the final part of their respective studies and is currently working closely with the regulators to fulfill the requirements and answer the remaining questions.

They are hoping to finish all of the requirements before the new deadline. The buyout offer is based on the approval especially with the fund’s units. If the buy-out succeeds, New World Gaming will possess nine casino facilities in Vancouver, Edmonton and Alberta. PBL is interested on gaining a portion of the North American gambling industry.