Bwin.party trashes rumours of break up
The European online gambling giant Bwin.party has denied press reports that it is considering selling or breaking up the company.
According to the Bloomsberg news agency, two anonymous sources reported that the business was consulting Deutsche Bank AG to “consider its options” and could announce a decision within two months.
The rumours come at an financially uncertain time for Bwin.party as its stock fell by 25% in 2013 and an end of year report for the business admitted that it had been “a challenging year.”
No plans for sale…yet
However Bwin.party released a statement today to quash the speculation and uncertainty surrounding the company’s future.
“The board of Bwin.party has noted the recent speculation in the media regarding a possible break-up or sale of the company”, the statement reads.
“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.”
Bwin.party was formed in 2010 after a merger between sports betting company Bwin and PartyGaming the online poker business.