Gaming VC Says Merger Talks Terminated

Tuesday September 02, 2008

The European facing online gambling group Gaming VC Corp BV has drawn a line under protracted but unsuccessful takeover talks with a still unidentified suitor after over 4 months of negotiation.

Gaming VC Corp BV advised the market this week that the party which made a preliminary offer for the company on April 17 has now told Gaming VC that it does not wish to proceed at this time.

The gaming company balanced the bad news with the positive information that it continues to trade in line with market expectations ahead of its September 18 release date for the latest results.

Audley Capital Management Ltd, which currently holds 29.3 percent of Gaming VC Corp BV has requested board representation, and this is being considered by the board of directors. Audley has emphasised that it has no current plans to dispose of its stake in the company.

The board will also consider a share buy-back programme in due course.

Gaming VC operates the Casino Club, Casino Club Poker, Betaland, Poker Kings and Winzingo online gambling websites.