Full Tilt Poker Deal Falls Through, PokerStars Possible Suitor
04/24/2012Tuesday proved to be a dramatic day in the world of online poker. Groupe Bernard Tapie, the company interested in purchasing Full Tilt Poker, announced that the deal they had been negotiating for many months had fallen through. In an interesting twist, multiple outlets reported that PokerStars may have agreed to purchase the battered poker site. In a statement released Tuesday, PokerStars downplayed the reports as "rumors" but did not deny the news.
In a statement released by Groupe Bernard Tapie, they claimed the deal fell through for two major reasons: disagreements on a specific plan to repay rest-of-the-world players and U.S. legal complications surrounding the deal.
"GBT proposed a plan that would have resulted in immediate reinstatement of all ROW player balances, with a right to withdraw those funds over time, based on the size of the player balance and the extent of the player’s playing activity on the re-launched site. All players would have been permitted complete withdrawal of their balances, regardless of whether they played on the site, by a date certain, and 94.9% of ROW players would have been fully repaid on day 1. DOJ ultimately insisted on full repayment with right of withdrawal within 90 days for all players– a surprise demand made in the 11th hour, after months of good-faith negotiations by GBT."
The announcement coincided with reports that PokerStars may be the next suitor for the company. One report suggested the total price of the acquisition to be around $750 million and include the repayment of U.S. and rest-of-the-world players, as well as a settlement with the U.S. Department of Justice. PokerStars released a statement on their blog saying that settlement discussions are "confidential" and they are "unable to comment on the rumors. As soon as we have information to share publicly we will do so."
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