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Bitter Takeover Battle

The Australian land and online casino gambling businessman, James Packer, is back in the news again and this time for the liquidation of all of his major assets in an attempt to save his current project, Consolidated Media, from a hostile takeover from Seven Networks. Packer is affiliated with the hugely profitable and international gambling giant Betfair. Betfair has grown into the largest global gambling company offering every service from online casinos to poker sites and extensive betting options. Packer has since developed additional projects within Macau and has bought and sold millions of dollars worth of property in the past several years as he develops and funds his multibillion dollar land casino projects.

The situation has really heated up though and it looks as though there is some serious pressure facing packer as he fights to save Consolidated Media from the hostile takeover that is taking place a bit under the radar of the international land and online casino gambling industry. The media and industry news have reported that Packer is really seeking out cash sources pretty heavily right now and has begun to liquidate some of his most valuable assets that lie within the media, investment, and land and online casino gambling industries. Recent deals that have taken place include the sale of $400 million in shares of the Challenger Financial Services Group and $50 million through the sale of one of his company headquarters that was located in Sydney, Australia.

The takeover has now begun to make international news and the online casino gambling industry will surely continue to follow the situation as Parker attempts to keep his business.