Acquisitions, Take Overs And Valuations - Old News Archive
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Posted On: Wednesday, 19 March, 2008
There's been a few stories around online bingo this week. First up, Bingo software provider Parlay has rejected the companies who tendered to buy them. They have however struck a close relationship with these companies with an eye to later licensing deals and joint ventures.
Elsewhere, Bingos has been bought by NetPlay TV, the people behind Big Box Bingo. As well as the UK site, Bingos also offers regional versions of the game to a number of European countries. The publicly traded NetPlay TV paid £6.25million for Bingos, and places them in a great position to make their brand stronger.
One story that slipped under my radar earlier in March was the news that Gala Coral Group had lost half of its value. The news came as Gala were talking to their lending banks about changing their lending covenant, causing fears that the company could default on their loans. However, in the long term the company is thought to be one of the strongest in the European gaming industry. Early this year Neil Goulden said they did not forcast they would break their loan covenants and had enough financial headroom to weather the problems. Let's hope that's the case.
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