German Online Gaming Firm Takeover Target?
Published: Tuesday, October 30, 2007 Online-Casinos.com
GERMAN ONLINE GAMING FIRM TARGETED FOR TAKEOVER?
Someone is buying out shareholders
German online lottery company Tipp24 has perhaps been too successful for its own good recently - reports are surfacing that an as yet unidentified company is attempting to buy up its stock.
A shareholder in Tipp 24, Earlybird Venture Capital, has notified the company that two organisations it was associated with have sold holdings constituting 13 percent to a single investor, and Tipp24 AG has confirmed in return that it has been advised by several other major shareholders that approaches had been made by a third party looking to buy up Tipp 24 shares.
Reuters confirmed this week that Tipp 24 is on track to meet its business targets for fiscal 2007. The company plans to stabilise its market share in the dynamic online lottery market and expects further growth in billings and revenues by just under 20 percent, generating an EBIT result slightly higher than that of the previous year of Euro 7.2 million. In 2006, Tipp 24 reported revenue of Euro 34.58 million. Analysts on average are expecting the online lottery firm to report revenue of Euro 40.78 million and EBIT of Euro 8.01 million for the full year 2007.
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