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Online Casino Operator Halts Takeover Bid |
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Party Gaming, a well known operator of several large online casinos, has recently shelved plans to take over one of its main rivals Empire. Recently there were many rumors and much speculation surrounding a possible bid, buyout and takeover of Empire circulating within the online casino industry. All that was but to rest recently when the online casino operator Party Gaming dispelled any rumors. The offer that came from Party Gaming was estimated to be 60p per share of Empire which was declined and effectively halted all discussion of takeover.
Empire also controls several known online casinos and was seeking a far more generous offer for their shares. They initially started the bidding for a complete buyout at 175p per share. So when Online casino operator Party Gaming offered 60p, they fell short of the desired bid and all offers were off the table soon after. In September of this year Sporting Bet, an operator of online casino sportbooks, offered much more in an attempt to buy out Empire. Party Gaming's offer would have totaled 370m whereas Sprting Bet's offer was for 790m. The offer has since been pulled off the table.
Last month Party Gaming stunned the online casino industry when it announced that it would stop working with skin websites that help service the online casinos. It has been said that Empire was greatly affected by this announcement and may have plans to sue Party Gaming. Empire online casinos have said to have suffered a setback and economic slowdowns which have cut into their profits.
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