Empire pulls plug on Party talks
Gaming group Empire Online said today it had walked away from takeover talks after claiming potential suitor PartyGaming changed its offer.
Empire, which has a value of around £400m (€582m), said it ended the discussions with PartyGaming after the bid party “significantly” changed both the price and terms of an offer.
It also said it planned to sue the group over a recent decision to block Empire players from gambling at the same tables as PartyGaming customers – a move that caused Empire to warn on profits last month.
Empire said: “Having received legal advice, the directors intend to institute and vigorously pursue legal proceedings as soon as possible.”
Shares in Empire were 4% lower today, while PartyGaming fell 1%.
