Courting And Purchasing Of FoxyBingo
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This week two big names in the online gaming world, Party Gaming and 888 Holdings, are expected to submit bids for ownership of several gaming sites including FoxyBingo. FoxyBingo is one of the most online popular bingo sites in the UK.
Cashcade, an Internet company that is part-owned by Independent New & Media and is best known for FoxyBingo, is expected to fetch between £70m and £100m in the deal. This deal would provide a lifeline to Independent News, which just last week secured a standstill with it’s lenders.
There is only one other suitor in all this, Paddy Power, who this month acquired a 51% stake in Sportsbet. In efforts to consolidate the industry and bring down costs, both Party Gaming and 888 have been eyeing a number of possible rivals. It seems that both companies are in a position to do so.
With it’s existing relationship with Cashcade, 888 is considered by some to be the front runner in this deal. This sale would show progress for Independent News & Media, while sending a strong message that they can meet their financial obligations.
