888 bid to aquire Foxy Bingo and Cashcade

Monday, 25 May 2009 (21:31)

The rumour that has been floating around for over a month is looking more likely to be true. 888 and Party Gaming have both officially put a bid in for Cashcade, the parent company behind Foxy Bingo. The takeover is expected to cost between £70m and £100m.

The Sunday Times also reported that Paddy Power could potentially put a counter bid on the table and potentially make things difficult for 888 owners Avi and Ahron Shaked as competition heats up to buy the internet bingo operator.

Cashcade had a total revenue of $72 million in 2008 with a net profit of $19.6 million.

 

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