500.com to acquire Melcolot

China-based online sports lottery service provider 500.com has agreed its second acquisition in as many weeks.

The company has entered into a share purchase agreement for 40.65 percent in Hong-Kong Stock Exchange listed MelcoLot Limited (MelcoLot) for a total consideration of approximately HK$322.2 million (US$41.3 million), equivalent to approximately HK$0.252 per Sale Share.

Closing of the acquisition is subject to certain conditions set out in the Share Purchase Agreement and The Hong Kong code on Takeovers and Mergers means 500.com will have to make a cash offer to acquire all the shares of MelcoLot in issue at HK$0.252 per share.

In addition, 500.com will also be required to make a cash offer to cancel all the outstanding options granted by MelcoLot, as the code further dictates.

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