Bwin Shares Fall on Poker Sale News
The value of.partydigital, the online gaming and poker group, has dropped by more than 3% after news surfaced that their attempted sale of the OnGame poker network has fallen through. The company had been in talks with Shuffle Master for a long time, attempting to seal a sales deal. The deal would have been worth around EUR29.5, and talks had been ongoing since March of this year.
According to a recent announcement, both sides have agreed that they will not proceed with the move. Bwin have said that the plan to sell surplus company assets, including Ongame, was a core part of their strategy and they have now began talking to several other interested parties.
The announcement has caused shares in the company to fall by just over 4p, with a new price of 115.2p following the news. However, analysts at Daniel Steward still believe that the company is worth buying sharres in. A representative for Stewart said “Our estimate for the sale of the asset remains at around €20m. In our view the poker asset should remain an attractive purchase for an operator looking to expand into online poker, more specifically US land based operators with an eye to moving online.”