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CryptoLogic Shareholder Considering Acquiring Company

According to media reports, Isle of Man based Thousand Hills Limited is looking into whether or not it should ask for partial ownership of software developer CryptoLogic Ltd.

Thousand Hills, which is an investment firm that focuses on leisure based businesses currently holds 19.9% of CryptoLogic's shares and believes that the software developer's current business strategy has not created value for the company's shareholders.

CryptoLogic recently announced improved numbers for the second quarter of 2011, although gains made by the company in the second quarter were modest. The company has hired Deloitte Corporate Finance to act as a financial advisor while CryptoLogic's management continues a strategic review of how the company operates.

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