Proxy advisory firms ISS and Glass Lewis recommend the Stars Group deal

TORONTO – The Stars Group Inc. says two influential proxy advisory firms have recommended that shareholders back its deal to be acquired by Flutter Entertainment.

The company says Institutional Shareholder Services Inc. and Glass Lewis & Co. have recommended shareholders vote to support the all-share transaction.

The combination will create one of the world’s largest online betting and gambling companies.

A meeting of the Stars Group shareholders to vote on the deal is set for April 24 using a virtual only format.

Under terms of the agreement announced in October, shareholders of the Stars Group will receive 0.2253 new Flutter shares for each share they hold.

Shareholders of Flutter, which is headquartered in Dublin, Ireland, will own approximately 54.64 per cent of the combined company when the deal closes next year, while the Stars Group shareholders will own about 45.36 per cent.

This report by The Canadian Press was first published April 8, 2020.

Companies in this story: (TSX:TSGI)