888.COM DENIES CASHCADE ACQUISITION TALKS
8 May 2009
Company not on 888.com's list
Reports this week from the Reuters news service that
online gambling group 888.com was in advanced talks to
acquire up to five companies prompted the publication
e-Gaming Review to ask CEO Gigi Levy whether Cashcade
was on his group's shopping list. Levy categorically
dismissed the speculation.
The publication's
curiosity was understandable; Cashcade, which owns Foxy
Bingo, is currently going through a bidding process.
Newspaper group Independent News and Media holds a 20
percent shareholding in Cashcade and needs to raise
funds as it has to repay Euro 200 million this year, EGR
reports. INM is understood to have a clause in its
stakeholding which can force it to push a sale through.
Cashcade is available for between GBP 70 million and GBP
100 million, according to sources.
Cashcade
operates on the Globalcom platform, which 888 already
owns, having purchased it two years back for $ 32.4
million. EGR notes that by buying Cashcade now, 888.com
could keep it out of the hands of competitors such as
Gamesys, owner of Jackpot Joy, one of the UK’s biggest
bingo sites.
Levy did admit that 888.com was
"interested" in Cashcade, although it was not the
company with which 888.com was in advanced talks.
"We're in talks with five different parties. There's
one [acquisition] in very advanced stages, not very far
from being announced, and there's another one in very
concrete discussions," Levy is quoted as saying in a
Reuters report.
“Right now there are lots of
opportunities out there because there are companies that
are struggling or that can see it will be hard to
maintain growth because they are too small,” he added.
Online Casino News Courtesy of
Infopowa
More news here.
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