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Shufflemaster clarifies decision to withdraw from acquisition

Thursday June 28,2012 : SHOCK WITHDRAWAL FROM ONGAME SALE BY SHUFFLE MASTER (Update)
 
Shufflemaster clarifies decision to withdraw from acquisition
 
The collapse of Shuffle Master's acquisition deal of Bwin.party Digital Entertainment's Ongame Network Ltd caught many in the industry by surprise today (Wednesday).
 
The deal announced in March for a Euro 19.5 million consideration ended following a terse statement posted on bwin.party's investor website this morning.
 
Shuffle Master Inc’s chief executive officer, Gavin Isaacs provided more insight into the withdrawal through a statement saying : "It has become evident to us that Ongame's operations post-acquisition will not achieve the near-term results we initially expected and will require a larger ongoing investment than anticipated."
 
"Although we are disappointed in the outcome, after thorough due diligence we believe this is the right thing to do for our Company and our shareholders. We will continue to pursue opportunities to achieve our growth objectives in the online space, including leveraging and protecting our strong intellectual property and brands, and will investigate all prospects – both organic and acquisitive – that make strategic and financial sense," Isaacs added.
 
The company said it would continue to invest in its own content platform while considering other options for providing a B2B online poker product consistent with its other online offerings from web, social and mobile applications.



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Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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