Bwin.Party Stock Recovers With Wynn Takeover Rumour
Thursday, August 18th, 2011There haven’t been many beneficiaries from Black Friday, but the newly minted bwin.Party were expected to be one of the few. The result of a recent merger between Austrian gambling experts Bwin and longtime online poker giants Party Gaming, the duo became the world’s biggest listed online gambling group when they melded together earlier this year.
With the likes of Full Tilt and Absolute Poker shedding thousands of customers, the best euro poker sites were expected to pick up most of the slack. Instead, PokerStars has snapped up a large chunk of the floating player base, while bwin.Party has only seen marginal gains. This poor performance saw share prices take a massive drop, with worried investors shedding their stake in the company.
Over the last few days, the tide has finally started to turn. Since falling 45%, the bwin.party share price closed at 105.7p yesterday. The rise was largely due to a rumored take-over by Wynn Resorts. The Las Vegas casino conglomerate, owned by Steve Wynn, may pay as much as 170p a share for the online gambling company.
With the possibility of a sale in mind, financial analysts have begun recommending bwin.Party as a sound investment. Meanwhile,…

