Presidential ally Bakradze concedes defeat in Georgia poll

The candidate from outgoing president Mikheil Saakashvili's party conceded defeat in Georgia's presidential vote Sunday after exit polls handed his rival a crushing victory. Giorgi Margvelashvili -- from billionaire Prime Minister Bidzina Ivanishvili's Georgian Dream coalition -- won at least 66 percent of the vote according to two television exit polls, against some 20 percent for David Bakradze from Saakashvili's United National Movement party in second place. "I congratulate Giorgi Margvelashvili on his electoral win and the trust expressed in him by the Georgian people," Bakradze said in televised comments.