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PartyGaming
in Talks With Rival Gigamedia - 20th April 2009
(Credit:
Gambling911)
Online
gambling group Party Gaming is holding talks on
a deal with Nasdaq-listed rival Gigamedia.
Gigamedia,
which has a market value of $363m (£246m),
is thought to have hired Goldman Sachs, the investment
bank, to find a buyer for the whole company or
simply its Everest poker brand.
Party
Gaming, which this month settled a legal dispute
with the US Department of Justice (DoJ), is among
a small number of parties thought to be negotiating
with Gigamedia.
One
potential barrier to a full merger, however, could
be the unwillingness of Gigamedia shareholders
to hold stock in a London-listed company.
Party
Gaming, which is said to be eyeing a number of
possible deals, declined to comment on the Gigamedia
talks but a spokesman said: "We have made
it very clear we believe the industry will consolidate
and we will look at opportunities as and when
they arise."
After
announcing the nonprosecution agreement with the
DoJ, Jim Ryan, Party Gaming's chief executive,
said that the group was talking to financial institutions
about arranging funding for acquisitions.
Gigamedia
told investors last month it was "in discussions
with several interested parties concerning the
possibility of a strategic merger or a sale".
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