In a bid that would significantly altar the business strategy of Ongame, a online gaming software provider and owner of Internet poker sites Pokerroom.com, the company has entered into takeover talks with online gaming firm Betandwin. Should the agreement succeed, Betandwin would become one of the largest online gaming companies in the world, second only to PartyGaming. The two companies have already signed a memorandum of understanding regarding Betandwin’s potential acquisition of Ongame. The €500m deal, if it goes through, would significantly increase Betandwin’s global reach. At the present time, most of Betandwin’s player base is located in Russia and Western Europe but acquisition of Ongame would grant Betandwin a better position in the North American and United Kingdom market where most of Ongame’s player base is located. Prior to the takeover negotiations, Ongame had been planning for a flotation but this strategy changed once the takeover talks were entered into with Betandwin. If, however, the takeover bid is not successful, Ongame will resume its original plan to float the company. Posted on: December 14, 2005
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