Interactive
US – PlayUp and 123gaming pull the plug on takeover
By Phil - 25 January 2019
North American Daily Fantasy Sports specialist PlayUp has pulled the plug on its planned purchase of US gaming platform 123gaming citing concerns with the ownership of IP, commercial viability, supplier agreements, payment gateways, and profitability.
PlayUp CEO Daniel Simic said: “We’d like to thank 123gaming for its honesty and openness with us. Unfortunately, the deal could not be completed having regard to the best interests of the key stakeholders in PlayUp. We wish them all the best in their business endeavours moving forward.”
PlayUp submitted alternative proposals to 123gaming which included offering PlayUp stock options to 123gaming shareholder but 123gaming rejected the offer.
CEO of 123gaming Rob Earle said: “Clearly, we are very disappointed by the collapse of this deal, but we very much still believe in the concept and will be moving on to seek out other opportunities that can properly fulfill the promise of a universal gaming token and integrated platform that we can utilize in the US marketplace.”
