Cryptologic Accept Amaya Offer

February 4, 2012

We recently reported that Amaya Gaming Group had extended the acquisition proposal deadline for a bid for Cryptologic to allow them (Cryptologic) more time to complete a due diligence study. This came as no surprise to those of us who have been following this potential acquisition, as this has been possibly one of the slowest mergers in the history of online casinos. What did come as something of a surprise is to hear that Cryptologic have finally decided to agree on a value proposed by Amaya, in the form of a firm buyout proposal of $35,817,144. This appears to be a sensible offer apart from the amusing $144 at the end, seriously, what is the point of arguing over a couple of hundred dollars when the overall figure is approaching $36 million? Cryptologic seem to think if fair also, and have officially accepted the proposal.

However, although the buyout price has been accepted, there is still a fair amount of negotiation which needs to take place before the merger can happen. There are also a couple of possible hurdles which may stop the merger. The largest of these is that the acquisition must be approved by more than 50% of the voting shareholders of Cryptologic.

A spokesman for Amaya has stated that they are pleased to be proceeding with the acquisition and see the integration of the expertise provided by Cryptologic as a crucial component of their future plans to provide a premium online gambling service to a global customer group.

This is a shrewd move by Amaya. Cryptologic have recently begun to lag behind the big three gaming platform providers, Net Entertainment, Microgaming and Playtech with regards to market share. Percentage wise, the number of online slots developed by Cryptologic which have made the regular top online slots lists has been relatively small over the last couple of years. However, this has nothing to do with the quality of the online slots which Cryptologic develop, it is simply a result of online casino operators being unwilling to step away from the norm. So Amaya really have a chance here, to begin developing and deploying high quality online slots, which will be entirely unique to Amaya operated online casinos.

Other Recent News Added to 777 Online Slots