Bwin.Party Confirm “Serious Talks” Involving Possible Acquisition
The rumors surrounding the possible sale of bwin.party have led to much speculation and their share price taking a knock. The latest update from bwin.party is that they have confirmed that the talks involving the possible sale have “become more serious.”
Bwin’s share price has dropped about 32 percent in the last 12 months as regulated markets in Europe continue to decline. As we reported the owners of PokerStars, Amaya Gaming are reported to be one of the interested parties looking to acquire Bwin.
Bwin’s chairman Philip Yea confirmed that “the board has entered into a further stage of discussions with each party with a view to assessing the relative attractions of these proposals.”
Bwin reported a drop of 6 percent in underlying earnings last year making it the third consecutive annual drop, According to CEO Norbert Teufelberger revenues fell from €652 million in 2013 to €612m in 2014. Factors contributing to the fall included the Greek government blocking gambling sites and weaker overall European poker market.
Teufelberger went on to say that Bwin are focusing heavily on their mobile offering while continuing to cut costs and markets which are not viable for them in the long run. On the positive side Bwin said that the trading for 2015 was in line with expectations.