Extension Granted to Amaya Re Cryptologic Acquisition

Large network and server-based Canadian online gambling specialist Amaya Gaming Group has been given until February 2 to decide whether or not to complete its acquisition of top-rated online gambling software vendor, Cryptologic.

In mid-December last year, Amaya announced its intention to acquire Cryptologic for $34.5 million. However, the deadline for the acquisition - as set by the UK's City Code on Takeovers and Mergers - expired on Thursday this week, hence the extension until the beginning of February.

Unknown Whether Acquisition will still Proceed

According to reports, before the deadline expired, Amaya approached the Panel on Takeovers and Mergers for an extension, which was granted. This development must be making the executive at Cryptologic a little nervous, as it is unknown whether the acquisition will still go ahead.

Last year the Pointe-Claire, Quebec-based Amaya acquired a seven percent interest in Dublin, Ireland-based Cryptologic, with the proposed acquisition deal valuing Cryptologic's shares at $2.50 each, a notable premium of 52 percent over the firm's closing share price of $1.64 as of December 14.

Reportedly, as a means to help fund the acquisition, at the end of last year Amaya agreed to sell 20,000 special warrants worth $19.25 million to leading Canadian investment banking firm Canaccord Genuity Corporation,  accompanied by an additional 3,000 over-allotment option.

However, Amaya seems to be 'playing its cards close to its chest' in terms of whether it will complete the purchase of Cryptologic or not, which was echoed in a recent statement from the company that read: 'This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers, and there can be no certainty that an offer will be made.'

Shuffle Master Acquires Fire Bet

In other gaming acquisition news, leading US automatic card shuffler and proprietary table games supplier Shuffle Master Incorporated has announced the acquisition of Fire Bet, a highly popular craps side bet, from US games developer, HopBet Incorporated.

Available in approximately 80 US and Canadian land casinos, Fire Bet is widely acknowledged to be the most popular craps proprietary side bet in operation, hence Shuffle Master's interest in acquiring it for an undisclosed sum.

Said Shuffle Master Executive Vice-President, Roger Snow, 'Fire Bet is truly one of the elite products in table games. You can count on one hand the number of side bets that have ever demonstrated the popularity and longevity that Fire Bet has.

'This acquisition is a continuation of our strategy to build our intellectual property portfolio. We are very pleased to add Fire Bet to the Shuffle Master suite of brands,' he said.