Empire
Online Pulls Out of Takeover Talks
As reported by the UK Guardian:
"Empire Online, a promoter of internet
poker and casino sites, today pulled out of
takeover talks with PartyGaming, the owner of
the world's biggest online poker site.
"Empire
said PartyGaming, the UK's biggest online casino,
had revised a takeover approach made earlier
this month.
"PartyGaming
initially tabled an all-share offer valuing
Empire at 10% of an enlarged group - approximately
£400m. Since then, with investors taking
the view that online gambling has gone off the
boil, Empire's shares have dropped, and the
company is now worth about £260m.
"The
revised offer, Empire said, had been 'significantly
different, both in terms of the price and structure
and at a level that cannot be recommended. Empire
Online has therefore terminated discussions
with PartyGaming.'
"PartyGaming
made an approach for Empire at a time when relations
between the two were already tense. Last month
PartyGaming, the owner of Party Poker, effectively
cut out Empire Online's players from its new,
superior operating platform…"
|
