It seems that the online casino company, Empire Online, a promoter of online poker and online casino sites, pulled out of takeover talks with PartyGaming today.
Empire stated that PartyGaming, the UK's largest online casino, had revised a takeover approach made earlier this month.
In the beginning, PartyGaming presented an all-share offer valuing Empire at 10 percent of an enlarged group. Meaning, nearly £400m. Since then, with investors taking the view that online gambling has eased, Empire's shares have dropped, and the company is now worth about £260m.
The changed offer, Empire said, had been significantly different, both in terms of the price and structure and at a level that cannot be recommended. Empire Online has therefore terminated discussions with PartyGaming.'
PartyGaming made an offer for Empire when relations between the two were already tense.
In October, PartyGaming, the owner of Party Poker, removed Empire Online's players from its new platform.
