888.com, the parent company of 888Ladies, has decided not to go ahead in a purchase of Cashcade, the parent company of Foxy Bingo, Cheeky Bingo, and several other online bingo halls.
Gigi Levy of 888.com has announced that while 888.com could acquire the funding to afford an acquisition of Cashcade, they have decided not to, as other companies are willing to pay more.
“We had bank financing for the acquisition, we just didn’t want to pay the price they were asking for,” said Mr Levy. “888 is interested in Cashcade, but there are other companies that are more interested in it and are willing to pay more for it.”
Rumours have circulated that 888.com simply has not been able to raise the funds necessary to acquire Cashcade. Mr Levy’s remarks suggest otherwise, but there are valid concerns about whether this has been a forced move, as 888 control over Cashcade would certainly be in their interests. Cashcade sites have been a major source of the liquidity of 888’s Globalcom division, so changes to Cashcade’s operation might adversely affect 888.
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