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Rumors of Takeover Heat Up

Business, 2011-08-16, by Ozone

The faltering stock price of has triggered some rumors of a takeover. The Independent is reporting casino group Wynn Resorts could be interested in buying the company which has existed in its current form only since March.

Since the merger between Party Gaming, operators of Party Poker, and Bwin, operators of bwin, the company's stock price has slid 45%. Rumors of a buyout valued at 170p per share prompted's stock to tick up to 107.8p from 105.7p on the London Stock Exchange.

If the rumors are true, it would not be Steve Wynn's first stab at entering the online gaming sector; earlier this year, he secured a deal with PokerStars to help the company transition to the U.S. market in a legal fashion in the event of a federal law that would legalize online poker. The partnership, dubbed PokerStarsWynn, was dissolved in the wake of the Black Friday DOJ indictments.

The Independent article also reports that William Hill may be speculating on a takeover as well.

At the time this article was written, has a market capitalization of $1.47 billion. Wynn Resorts is priced at $18.4 billion.

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