FTP Takeover Deal Nearing Completion?

Sources suggest completion of deal by the end of next week.
1937 15th March, 2012 The Full Tilt Saga
FTP Takeover Deal Nearing Completion?

The takeover deal between Full Tilt Poker and Groupe Bernard Tapie is nearing completion, according to eGaming Review. Sources suggest the acquisition of Full Tilt will happen by the end of next week.

Sources close to the matter discussed with eGaming Review that Laurent Tapie has already begun to acquire staff, for preparing the re-launch of the poker room. This will take up to four weeks, but due to “interim legal issues”, it cannot start immediately after completing the deal.

Tapie has also secured an external investor and is close to completing the due diligence process. Along with this, discussions with the Alderney and Kahnawake regulators to apply for new licences have begun.

This comes after speculation that the takeover deal may not be successful. Other companies looking to acquire the software of Full Tilt Poker were keeping a close eye on the negotiations.

Ray Bitar, former chief-executive of Full Tilt, made his first public statement apologising to all affected by the closure of the poker site and to reassure his every effort was focusing on “a successful resolution for the players.”

It is terrific news for players hoping to receive the entire sum of money in Full Tilt accounts. The completion of the deal will mean the full reimbursement of all players and the inclusion of an external investor gives a strong indication of this happening. After legal issues are solved, the poker site could be relaunched around a year after Black Friday.

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Perry Garland

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