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Empire Online Pulls Out of Takeover Talks

21 Nov 2005

UNITED KINGDOM – As reported by the UK Guardian: "Empire Online, a promoter of internet poker and casino sites, today pulled out of takeover talks with PartyGaming, the owner of the world's biggest online poker site.

"Empire said PartyGaming, the UK's biggest online casino, had revised a takeover approach made earlier this month.

"PartyGaming initially tabled an all-share offer valuing Empire at 10% of an enlarged group - approximately £400m. Since then, with investors taking the view that online gambling has gone off the boil, Empire's shares have dropped, and the company is now worth about £260m.

"The revised offer, Empire said, had been 'significantly different, both in terms of the price and structure and at a level that cannot be recommended. Empire Online has therefore terminated discussions with PartyGaming.'

"PartyGaming made an approach for Empire at a time when relations between the two were already tense. Last month PartyGaming, the owner of Party Poker, effectively cut out Empire Online's players from its new, superior operating platform…"

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