PartyGaming confirmed to have made a revised offer, equivalent to approximately 60p per share, which Empire Online declined as it was significantly different from the initial approach, understood to be worth 130p per share.
The initial approach from Partygaming was an all share offer, which valued Empire Online at 10 per cent of the value of the enlarged company.
“I don’t understand why they went from 130p to 60p as the business didn’t change,” said one analyst, who asked not to be named.
“They could have had one of the best marketing teams in the business and marketing is one area where you could argue PartyGaming has struggled,” he added.
In its announcement to the stock market, Empire has also said that it intends to take legal action following PartyGaming\’s decision to separate its own poker players from those of its \’skins\’.
PartyGaming said it was “highly confident of a successful outcome.”
Noam Lanir, Empire Online Chief Executive, said his company has the foundations for sustainable long term growth ahead of the market, through its unique marketing skills and its multiple platforms.
“I am delighted in the growth we are seeing in our new platforms and this is testament to the strength of our network. We intend to remain leaders in the online gaming industry and will employ all our efforts to build and grow value for our shareholders,” he commented.
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