July 20, 2009 (CAP Newswire) — News sources across the media spectrum have been speculating for weeks about the likely purchase of U.K.-based online gaming marketing firm Cashcade by a larger online gambling company. The two most likely contenders to purchase the site have been rivals PartyGaming and 888.
Now, it looks as though PartyGaming has outbid 888 and is close to sealing the deal. 888 is reportedly dismissing the development as of little importance, although it is more closely allied with Cashcade. (888 currently provides the software for Foxy Bingo, the parent company of Cashcade.)
Both companies’ stock prices rose today on the news, with 888’s jumping even more than PartyGaming, despite the fact that it will likely lose out on the bidding war. Click here to read more at Forbes.com.