A paper was submitted to the London Stock Exchange and the Stock Exchange Viennes regarding the merger of PartyGaming Plc and bwin Interactive Entertainment AG, owner of the Ongame network.
Holders of action have yet to accept the merger, but already, the main holders announced they would vote in favor of the merger (28.5% and 14.4% of PartyGaming Bwin have already voted for). To be accepted, at least 75% of the holders of action should be in favor of the merger.
According to the filings, we can expect to see the merger completed by the first quarter of 2011, thus creating the largest online gaming company traded, with annual revenues of approximately 700 million euros.
According to Jim Ryan, CEO of PartyGaming, "this is an opportunity to transform our two companies to create the largest online gaming company traded". "With its leading position in poker, sports paris, casino games and other games like online bingo, the new company will have a winning formula to exploit the growing online gaming market, while being supported by a strong balance sheet a significant cash flow and a team of very experienced "direction.
The management of the new company should be provided jointly by Jim Ryan (current CEO PartyPoker) and Norbert Teufelberger (co-CEO of Bwin).
The rumors of the merger date back to late 2009 and had been denied the time. In April 2010, these rumors became more persistent after speculation of an Austrian magazine and a Reuters report in India.
With this merger, PartyPoker and Ongame network become serious competitors to the two major online poker site, PokerStars and FullTilt Poker.
During the day yesterday, PartyPoker had a peak of nearly 7000-players, while the Ongame network had a peak of less than 5000 players. The merger of these two networks and have had a peak of nearly 12,000 players. In comparison, FullTilt Poker had a peak of 20,000, and PokerStars had a peak of 40,000 players.
Canadians can listen to the conference call by dialing toll-free 1-888-889-0605 and entering the code "6939753 #".
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Belgians can listen without charge by calling 0800 730 10 (code: 6939753 #).