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EMPIRE ONLINE MAY INVEST OUTSIDE THE ONLINE GAMBLING INDUSTRY
(649) (9-October-2006)
Cash-rich and looking for acquisitions...but not necessarily
in the industry
Sources close to Noam Lanir's Empire Online said today (Monday) that the group
was looking outside the online gambling sector for ways to invest its estimated
$250 + million cash pile, Reuters reports.
Empire built up substantial cash reserves in February this year by selling
its Empire Poker division to PartyGaming to end a legal dispute, and
much of it has been earmarked for acquisitions.
Empire also made an official announcement, revealing that its chairman,
Leonard Steinberg , would step down from the end of October to be replaced
by Richard Rosenberg , a senior independent non-executive director.
The company gave no reason for Steinberg's departure, but there is speculation
that it may be related to US and French enforcement actions against senior
executives of online gambling companies recently. |
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