888 after Taking over Cashcade
As we have previously heard, Cashcade is up for sale. There are a couple of candidates to buy Cashcade but it seems like 888.com is leading the race to take over the online bingo operator. The online gaming company, 888 Ladies Bingo, is the top candidate to be the next owner of Cashcade, which is partly owned by the Independent News & Media.
According to news, the Chief Executive of 888 Ladies Bingo, Gigi Levy, is discussing take over with the directors of Cashcade. However, there isn’t a formal takeover offer yet. In fact, there have been other speculations as to who will be taking over.
Previous rumors said that PartyGaming might be the one taking over Cashcade. There are other gaming companies thought to have looked at taking over the online gaming company. If you don’t already know, Cashcade is the owner of the very popular Foxy Bingo. So whoever will be buying the said company can be confident that they already have a well known bingo site to begin with.
Earlier this May, Cashcade has hired the Jeffering Investment Bank to look for a buyer of their online gaming company, be it part or the whole company. The sale will cost about seventy to a hundred million pounds. This will certainly be a huge milestone in the online bingo industry. This is a big merge and very much anticipated at that.
Cashcade had a ninety one percent profit increase, amounting to over thirty three million pounds last year. It has doubled its pre-tax revenues as well. It also had a strong start this 2009, according to bingo experts, thanks to the smoking bans and increase of internet broadband access.
People are switching to online bingo and Cashcade is certainly reaping the benefits. 888.com is already providing the software for Cashcade’s Think Bingo and Getminted.com. It’s only a matter of time when they settle the merger or takeover.
