Shares plunge 40 percent after trading resumed this morning following arrest of Peter Dicks
Monday 11th September 2006
The world’s largest gambling group PartyGaming has rebuffed speculation made earlier in the summer by declaring that it has no interest in the acquisition of online gaming firm Victor Chandler Group.
In a statement released through AFX, PartyGaming chief executive Mitch Garber told reporters via a conference call that “PartyGaming PLC has no interest in acquiring Victor Chandler's Gibraltar-based betting empire.”
Just under a month ago, PartyGaming had emerged as the front runner to acquire the Victor Chandler Group, after it built up a £500 million ‘war chest’ following its floatation last year. However Garber categorically dismissed the notion when questioned by journalists. “No, definitely not. My comment regarding Victor Chandler is very clear,” he said.
Garber also told the conference he would be reluctant to enter into a bidding war in this or any other potential acquisition. His remarks were pointed specifically at speculation that PartyGaming could enter into the race for World Gaming, which is in preliminary talks with Sportingbet Plc. “I’m always reluctant to get into a bidding war, and it’s not at the front of my list,” he said.
Mitch Garber also declared that sports betting business Gamebookers, which PartyGaming acquired for £69 million last month was over-performing.
