Online Bingo News - Party Gaming and 888 bid for Cashcade
27th of May 2009 Author: Ava Jackuard
Reports in The Times over the weekend confirm rumours that both Party Gaming and 888 are among the final bidders for Internet bingo company Cashcade, which owns FoxyBingo and GetMinted among other websites. The company achieved gross gaming revenues of GBP 45 million last year, generating EBITDA of GBP 12.3 million.
Part-owned (some 17 percent) by Independent News and Media, the online bingo company is expected to fetch between GBP 70 million and GBP 100 million, providing a valuable lifeline to Independent News, which last week secured a standstill agreement with its lenders, and a massive windfall for the group’s directors and staff, who own around half the shares, reports The Times.
There is apparently at least one other major bidder for Cashcade, with analysts speculating that it could be Paddy Power.
Jim Ryan, the CEO of Party Gaming, said last month that the company was considering a number of possible acquisition targets, and there have been persistent rumours that the group is involved in negotiations with Everest Poker owner GigaMedia in Taiwan.
888 execs have been equally consistent in statements indicating that the Gibraltar-based company was on the acquisition trail with the wherewithal to snap up targets where and when available.
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