Media Corp Abandons Plans For Parent TakeoverGaming Media Group Deal Dropped In Favour Of "Another Acquisition" |
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Media Corp, owner of the recently defunct Purple Lounge online poker and casino business, has abandoned plans to takeover its parent company Gaming Media Group.
In a statement issued this morning the company said, “Further to the announcement of 16 April 2012 about the proposed acquisition of Gaming Media Group Limited (“GMG”) the directors announce that the board has decided not to proceed with the acquisition.
“This has no bearing on the merits of GMG but rather, as announced previously, the board was also looking at another acquisition which is not a reverse takeover under the AIM Rules and, as such, is considered a preferable deal for the shareholders at this juncture. Further details will follow.
“As a result of the termination of the discussions with GMG the suspension of trading in the existing ordinary shares in the Company will be lifted and trading will recommence at 7:30am today.”
The company said it had acquired online betting platform Intabet for £1.53 million.
Gaming Media Group owns The Poker Channel and Pokerheaven.com.
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