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Online Gaming Firm Targeted for Takeover

Unidentified company is buying shares in Tipp24 totalling 13 percent

Wednesday 31st October 2007



According to numerous reports, an as yet unidentified company is attempting to buy up stock in the German online lottery company Tipp24 AG.

According to a shareholder, Earlybird Venture Capital, it notified Tipp24 that two organisations it has been associated with in the past have sold holdings constituting 13 percent to a single investor. It said that Tipp24 has confirmed in return that it has been advised by several other major shareholders that approaches had been made by a third party looking to buy up its shares.

The Reuters news agency reported last week that Tipp24 is on track to meet its business targets for the fiscal year. It stated that the company plans to stabilise its market share in the online lottery market and that it expects further growth in billings and revenues by just under 20 percent, generating results slightly higher than that of last year’s $10.39 million.

Tipp24 reported revenues of just under $49.9 million last year and analysts on average expect the online lottery firm to report revenues of $58.83 million this year.

 


Source: OnlineCasinoNews