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CGTV Plans a Takeover

Leisure and Gaming plc (L&G) has reported in the company’s six-month results report that CGTV Games is shown interest in the company. L&G’s report indicated a tough fiscal year, and yet because L&G still has a significant hold in the online casino and betting industry in Italy, CGTV is interested in buying out all controlling chares in L&G. CGTV is a growing player in the European online casinos industry with a specific interest in the Italian market, so the prospective deal has potential gain for both of the companies.

CGTV Games, Ltd is based out of Dublin, Ireland and markets itself as global online casino software provider. The company acquired portions of the Gambling Federation’s business earlier this year, and the move toward L&G indicates the company’s desire to expand and control more of the market share in Italy.

The specifics of the deal are still up in the air, but according to L&G, CGTV has set several pre-conditions – but yet there is no guarantee that CGTV will make the anticipated cash offer for all of the issued share capital. But L&G has extended an exclusivity period to CGTV in which L&G will not entertain offers from other online casino related companies. And with the deadline just weeks away at this point (October 31, 2007), CGTV has yet to make an offer for L&G.

The CEO at L&G, Henry Birch, commented on why the online casinos software provider is interested in L&G. He notes, “Italy is one of CGTV’s biggest markets and it wants to dominate the market. Our network gives them a fantastic opportunity to roll out their gaming products in one of their key markets as well as benefiting from the regular sports betting revenue that we have.”