Gambling.co.uk: Gambling News Archive

Empire Approached In Multi-Million Pound Deal

Online Gaming Firm In Bid Talks

Friday 2nd September 2005

Online gaming services provider Empire Online Ltd said on Friday it had received a bid approach valuing it at about 790 million pounds according to media reports.

In a brief statement the firm said: 'The approach is subject to a number of pre-conditions, including completion of satisfactory due diligence, and is at a price of 270 pence per share, with the consideration being satisfied by a mixture of cash and shares.'

A spokeswoman declined to name the firm's suitor or to discuss further details. But analysts said PartyGaming was the most likely buyer.

Empire Online provides marketing services and drives traffic to online gambling sites.

Its shares floated on London's junior Alternative Investment Market at 175p apiece in June. They closed on Thursday at 255p.

Empire recently spent $40m in cash for the assets and customer database of Club Dice and Noble Poker. Pro forma pre-tax profits soared 87.5% to $25.5m for the six months to June from $13.6m previously. Gaming revenues rose 97.2% to $49.7m during the period.




Source: OnlineCasinoNews