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PartyGaming Takes Over Empire Online For $250 Million
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First they weakened them then they bought them out in a classic hostile takeover, online poker style. Party Gaming, the operators of Party Poker, have bought out the assets of their one-time biggest partner Empire Online, the operators of the poker skin Empire Poker. The deal is worth $250 million, and is good news for PartyGaming.
Empire Online were in the process of suing their former partners for substantial damages after Party Poker closed the doors to their skins, ringing off their own players and segregating them from those other players that the skins had brought into the network. Empire Poker suffered, and Empire Online's stock price tumbled like a stone.
We reported that PartyGaming were probably just softening up Empire in order to drive down their stock price and then buy them out for a song. $250 million isn't chump change but it's a deeply discounted price when you consider what the stock traded for prior to this move.
The judge ordered an out of court settlement between the two online poker heavyweights. The result is that Party Gaming's balance sheet looks even healthier, and Empire's directors get to buy a couple of small islands while naturally fretting and worrying about shareholders' "interests".
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