Desmond linked to bid for NETeller

Dermot Desmond, the Irish billionaire businessman, is being strongly linked with a potential bid for NETeller.

NETeller, the online money transfer company registered in the Isle of Man, has seen its shares plunge over the past year as the impact of the U.S anti-gambling legislation has hit it hard. With many online companies in the industry suffering the same fate, talk of takeovers and acquisitions has been rife over the last few months.

Desmond currently has a 10% stake in NETeller, which is valued at around 250 million euros, held in a contracts for difference (CFDs) basis. This means he does not show up on a share register and technically does not hold the stock at the present moment. However, he would be able to buy the shares at a later date. The speculation resulted in the shares of NETeller rising by 6%.

Last week it emerged that Ladbrokes may be interested in buying a part of Desmond’s betting empire, but these reports were swiftly denied.

It is thought that Desmond may plan to merge NETeller with Betdaq but his intentions are hard to predict. Desmond has many shares in public listed companies, but is yet to buy one.

Editor, - 2006-11-20 11:05:34

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