PartyGaming weighs odds on Empire takeover
Flushed out
Posted in Financial News, 3rd November 2005 15:53 GMT
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PartyGaming, the company behind PartyPoker.com, has confirmed that it has made a bid to acquire rival online gambling operator Empire. The company said press speculation had prompted the disclosure.
The two companies previously had an agreement whereby Empire would direct players to PartyPoker.com in return for a slice of the revenue. However, PartyGaming ended that relationship earlier this year.
Subsequently Empire issued a profits warning and watched its share price collapse. Meanwhile PartyGaming reported in October that revenues from poker had risen 10 per cent, FT.com reports, after losing much of its value in a sluggish market sector.
PartyGaming issued a statement confirming that it has made "a preliminary, non-binding approach to Empire", adding that the proposal depends largely on the "prospects for Empire's business".
"The terms of any offer will be determined by the outcome of the due diligence process, which is ongoing," the statement concludes. ®
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