Possible sale on the horizon for Cryptologic
An announcement has been made by Cryptologic earlier this week, stating that the Amaya Gaming Group has already made a provisional offer for the purchase of its share capital. It is widely understood that the preparations for the newly agreed sale have been made in accordance and in full compliance with English law and the 'Takeover Code'. Despite the offer being made, it has made explicit by both parties involved that the offer simply displays intent of a deal, and does not in itself indicate a completed deal.
Although the news has set the gaming industry aflutter and into an excited chatter, its arrival does not come as a complete surprise – the gaming industry as a whole has been expecting some sort of deal between Cryptologic and a benefactor since as early as April of this year.
An announcement by the board of Cryptologic informed shareholders of a deal in principle, which stated its intention was to "outline terms of a possible recommended all cash offer from Amaya for the acquisition of the entire issued and to be issued share capital of Cryptologic."
It is thought that the provisional agreement between the two companies carries a figure of $2.50 in cash per common share.
As the deal between the two companies looks set to go ahead, the gaming industry will surely be keeping an interested eye on events as they continue to develop over the course of the upcoming months.
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