26th Jun 2014 08:14
LONDON (Alliance News) - Bwin.party Digital Entertainment PLC responded to press speculation that the company is considering selling some or all of the company as part of a strategic review Thursday, stating that it has no plans to break-up or sell the company.
The online gambling company released a statement Thursday following a Bloomberg article stating that the firm is considering a sell-off of all or some of the company amid a firm-wide strategic review, citing two people familiar with the matter. According to the Bloomberg article, the company is considering its options and will decide within two months, citing one person.
"Since his appointment as Chairman last month, Philip Yea has been working with the executive management team on ways in which the Group can increase shareholder value, however we can confirm that there are no plans to break-up or sell the company," said bwin.party.
The Gibraltar-based group was formed out of a merger in 2011 of PartyGaming PLC and Bwin Interactive Entertainment AG. In an attempt to recharge growth and profits, the group changed its business model, by increasing its focus on customers that generate the most value from regulated, or taxed, markets including Austria, Denmark, France, Germany, Italy Spain, the UK and the newly regulated US state of New Jersey. The move has been paying off, but has hit revenues in the short-term as player numbers decline.
Shares in bwin.party jumped Thursday morning, trading 5.56% higher at 97.8 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
BPTY.L