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Empire Online Threatens To Sue Party Gaming
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The friendship between Empire Poker and Party Poker is officially nothing more than a historical curiosity, as the two parent companies are now mortal enemies. Empire Online is threatening legal action against PartyGaming as their stock price continues to fall faster than the property market in Baghdad.
PartyGaming crippled Empire's stock price when they decided to terminate relationships with all of their "skins" in October. Empire was once the subject of a prospective takeover bid by Paradise Poker's owners, Sportingbet, and their shares were valued at 269p. That was a few months ago. Now, Empire rejected another buy-out offer, this time from PartyGaming, which valued their shares at 60p. If that felt like a slap in the face to Empire it was probably intentional.
Empire not only rejected the offer on behalf of their shareholders, but they then announced that they were going to sue Party Gaming. They don't have a hope, as it seems like nothing more than sour grapes from a company that has been outplayed by it's bigger, stronger, and ultimately superior opponent from the outset. Meanwhile, it won't be long before 60p looks like a good price for a share that, as those Maths boffins like to say, is tending towards 0.
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