Sportingbet Confirm Takeover Talks
Last updated: 13/03/2008 16:59
Internet betting company Sportingbet has confirmed it is in takeover talks with gaming firm Empire Online.Empire Online, which promotes online poker and casino sites, revealed on Friday that it had been approached by an unnamed party about a £790m deal.However, Sportingbet said discussions were at an early deal and may not result in a firm offer being made.Empire Online, which was founded in 1998, listed its shares on the Alternative Investment Market in June.Shares in Empire Online shot up 7.2% to 283 pence after the talks were confirmed, while Sportingbet's shares edged 0.8% higher to 371 pence.The rising popularity of online gaming has seen investors willing to gamble on the future growth and profitability of the medium.In June, Partygaming, owner of the Party Poker website, floated its shares on the London market, and last week the owner of gaming website 888.com, Cassava Enterprises, said it hoped to list its shares by the end of September.Sportingbet specialises in sports betting but diversified last year buying the online poker business Paradise Poker."There can be no certainty whatsoever that agreement will be reached and an offer will be forthcoming," Sportingbet said in a statement.Reports at the weekend said that Partygaming may also make an approach to Empire Online.Partygaming could be promoted to the FTSE 100 - the stock market index of the UK's most valuable listed companies - following the latest FTSE reshuffle this week.
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