Shuffle Master withdraws from Ongame purchase
Wednesday, 27 June 2012
American gaming technology provider Shuffle Master has withdrawn from its proposed acquisition of bwin.party's OnGame poker network. A statement released by bwin.party this morning confirmed that the two sides 'have mutually agreed not to proceed with the proposed transaction.'
Bwin.party said that the sale of surplus assets, including Ongame, remained 'a core part' of the group's strategy and that it 'is re-engaging with other third parties that have expressed an interest in acquiring Ongame.'
Shuffle Master had agreed in March to hand over €19.5 million in cash to bwin.party to take control of Ongame Network with an additional payment of up to €10 million over the next five years contingent upon legalised real-money online poker coming to the United States.
Ongame network sites include bwin, Betsson and RedKings.
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