Online Casino Transfer: News - Italian Bids Rejected

01/15/2010		Online Casino Style: News Italian Bids Rejected
Home History Games News Dictionary		According to recent reports by the press in Italy, a few of the largest (read: most generous bids) offered for the acquisition of the online sports betting firm Sindacato Nazionale Agenzie Ippiche SpA (SNAI) have been rejected this week, causing many in the internet gambling community to wonder just what SNAI is looking for in a suitable suitor. The top bid, submitted by the private equity firms Bridgepoint and Axa Private Equity has been outright rejected by the government controlled entity, sending the companies and their offers of €600 million back to the drawing boards. The standards for the internet gambling world might have dictated that the offer of €600 million were more than generous, especially considering that the publicly traded SNAI owes more than €275 million in debt and had to admit to a pathetic loss of €9.5 million in profits up to September of last year. Some are trying to twist the fact with a positive spin, reminding the online gambling industry that SNAI suffered a loss of €20.1 million in 2008, a significant piece of data in light of Italy’s recent liberalization for online casinos. The partnership offer between Bridgepoint and Axa would have allowed Bridgepoint to own the controlling share – 75 percent – while Axa held on to the remaining 25 percent. SNAI Servizi Srl, the parent company for SNAI, rejected the offer, though no details about what they would have wanted were released to the press. In addition to the internet gambling offerings controlled by SNAI, the company also hosts 900 land-based venues for sports betting products, as well as 2,500 single gambling stalls. The €600 million deal would have only excluded the racetrack operations in Milan, keeping that under the former owners sole control. “The board of SNAI Servizi Srl has examined the offer from Bridgepoint and Axa and has believed the offer not in its own interest,” read a statement from SNAI. statistically speaking, the What more they could possible want remains to be seen, as the €600 million offer was equal to six times the pro forma EBITDA for 2009.

01/15/2010

Online Casino Style: News
Italian Bids Rejected

According to recent reports by the press in Italy, a few of the largest (read: most generous bids) offered for the acquisition of the online sports betting firm Sindacato Nazionale Agenzie Ippiche SpA (SNAI) have been rejected this week, causing many in the internet gambling community to wonder just what SNAI is looking for in a suitable suitor. The top bid, submitted by the private equity firms Bridgepoint and Axa Private Equity has been outright rejected by the government controlled entity, sending the companies and their offers of €600 million back to the drawing boards.

The standards for the internet gambling world might have dictated that the offer of €600 million were more than generous, especially considering that the publicly traded SNAI owes more than €275 million in debt and had to admit to a pathetic loss of €9.5 million in profits up to September of last year. Some are trying to twist the fact with a positive spin, reminding the online gambling industry that SNAI suffered a loss of €20.1 million in 2008, a significant piece of data in light of Italy’s recent liberalization for online casinos.

The partnership offer between Bridgepoint and Axa would have allowed Bridgepoint to own the controlling share – 75 percent – while Axa held on to the remaining 25 percent. SNAI Servizi Srl, the parent company for SNAI, rejected the offer, though no details about what they would have wanted were released to the press. In addition to the internet gambling offerings controlled by SNAI, the company also hosts 900 land-based venues for sports betting products, as well as 2,500 single gambling stalls. The €600 million deal would have only excluded the racetrack operations in Milan, keeping that under the former owners sole control.

“The board of SNAI Servizi Srl has examined the offer from Bridgepoint and Axa and has believed the offer not in its own interest,” read a statement from SNAI. statistically speaking, the What more they could possible want remains to be seen, as the €600 million offer was equal to six times the pro forma EBITDA for 2009.