Amaya Granted Extension on Cryptologic Takeover
Amaya gaming has been given an extended amount of time to takeover Cryptologic.
The internet gaming company Cryptologic has been producing high quality online gaming software for years and has built up a reputation as a leader in the field.
At the moment the executive board at Cryptologic has agreed on an all cash offer of $34.5 million from the online gaming giant Amaya.
According to the City of London rules and regulations, when it comes to takeovers and mergers Amaya will have had to make a final offer by the 2nd of February. The original deadline was for Thursday the 19th of January.
If Amaya hasn't made a firm bid by the 2nd of February it will be forced to withdraw from the potential takeover.
The global recession hasn't hit Amaya which has posted a 171% rise in revenue for the third quarter of 2011 alone. This equates to a $3.97 million revenue stream which is in contrast with a $1.46 million revenue stream for the same period in 2010.
The Cryptologic firm is well known in the industry and has been making acquisitions of its own. At the start of January 2012 the software firm took over the gaming license for the firm InterCasino for an unknown amount of money.
Amaya and Cryptologic close to Deal
InterCasino uses Maltese online gaming licenses whereas Cryptologic is based in Dublin. According to a statement made by Cryptologic the cost of the purchase was a "nominal consideration".
The firm has been moving from strength to strength and now has a massive repertoire of 300 games to offer clients who would like to form their own online casinos.
Amaya is devoted towards working together with national governments in formulating regulation strategy.
Regulation is the new theme sweeping through the online gaming industry and the markets in France and Italy are currently regulated. This means that any online casinos who want to operate in these territories must receive a license granted by the government and cannot provide services to players outside of the regulated country's borders.
Regulation has been mentioned many times in the United States where online gaming is currently illegal. There is legislation in the works to change this and it is likely that a system of regulation will eventually come into effect.
