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Company Shares Drop

The online casino gambling group and software provider Parlay Entertainment has announced that company the company no longer has any companies seeking to acquire the company. Over the past several months several investment companies and other companies related to the internet gambling industry were in talks with the online casinos gambling group about acquisition deals. Parlay Entertainment’s stocks have significantly dropped and the company is in a prime position sell out – something that would mean that shareholders would get at least a moderately good price for their shares. But although the negotiations looked promising, Parlay announced last week that the company turned down all three of the offers – and that announcement coupled with the lengthy delays and stalled negotiations over the past several months contributed to the company’s shares dropping 20 percent in value.

Parlay is a Canadian based online casinos and bingo software developer that has hit hard times over the past year. This is not uncommon considering the strain that the U.S. withdrawal from market put on the internet gambling industry. The company though has a solid product and the experience that would nicely compliment some of the smaller online casino gambling companies looking to expand their product and services. That is a primary reason why investment and online gambling companies have shown so much interest in the company – it has the potential to bounce back from the current financial situation.

Parlay’s delay in negotiations in early January with PEIC Acquisitions is largely to blame for PEIC’s withdrawal of a bid for the online casino software developer. Two other bidders expressed interest in the company and Parlay statement last week ended any speculation that an acquisition deal was on the horizon. A Parlay statement last week noted that a “binding agreement has not been concluded with any of the parties who expressed an interest in conducting due diligence in the company within the timeframes established by the special committee of the board of directors.” There is no indication yet about where Parlay plans to head from here on out.