Purple Lounge Owner Plans Poker Channel TakeoverMedia Corporation Plans Reverse Takeover Of Parent Company Gaming Media Group |
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Media Corporation Plc, owner of online poker and casino site PurpleLounge.com, today confirmed it was in “advanced discussions” to take over its parent company Gaming Media Group (GMG).
GMG owns PokerHeaven.com and The Poker Channel. Its shares on London’s Alternative Investment Market (AIM) were suspended this morning when the news was confirmed. AIM would deem the move a reverse takeover under its rules.
The Media Corp. statement today said, “The Company has yet to commence formal due diligence on GMG and, once heads of terms are signed, will take a period of time the outcome of which may result in the acquisition not proceeding. Assuming final terms are agreed, a shareholder circular comprising an Admission Document under the AIM rules would be sent to shareholder convening a general meeting to approve the acquisition.”
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