(MENAFN- ProactiveInvestors)
Amaya (TSX:AYA) the Canadian owner and operator of PokerStars and Full Tilt Poker the world’s largest online poker business said that it has joined London listed GVC Holdings (AIM:GVC) another online gaming company in an effort to take over Bwin (LSE:BPTY) offering C$1.7 billion.
On Monday the European ‘’ confirmed that it too placed a bid for Bwin.
Rumors about the sale Gibraltar based Bwin specializing in online poker and sports betting have been circulating for several months. Indeed last fall there was much speculation surrounding a possible Amaya bid for Bwin best known as the owner of PartyPoker.com and the sponsor of the great Real Madrid football team.
Such were the rumors that Bwin issued a statement last November confirming their discussions with interested parties.
Bwin is one of the ten largest companies in the global gaming industry with a market capitalization of some US$1.5 billion.
In June 2014 Amaya gained fame for having made the largest financial transaction of the year in Quebec acquiring the Rational Group whose main assets were PokerStars and Full Tilt Poker for US$4.9 billion.
Last week Amaya has published the results of the first quarter of its fiscal year. The performance far exceeded analysts' expectations.
For the quarter ending on March 31 Amaya's revenue soared 2557% to C$340.1 million. Adjusted income was C$82 million or 41 cents per share compared to a loss of C$1 million or one cent per share in the same period last year.
Analysts surveyed by had forecast revenue of C$338 million and adjusted earnings per share of 41 cents.
Net income Amaya however decreased to C$12.96 million or six cents per share compared to C$38.96 million in the first quarter of 2014. This decline is attributable to various non-recurring expenses related to various transactions.
In March Dundee Capital markets reiterated a “buy” recommendation and a C$46.00 target price.
Dundee was especially enthusiastic earlier about the introduction of Bill AB167 in California earlier this year legalizing online poker in a special group of licensed venues from card clubs to racetracks.
Shares of the Pointe-Claire Quebec-based company were up 1.18 percent at C$32.70 this afternoon in Toronto. The stock hit a 52 week high of C$39.25 last December.
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