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Shuffle Master's Chief Executive Officer Gavin Isaacs has issued a statement explaining his company's decision to back out of a deal with bwin.party digital entertainment that would have seen it acquire Ongame Network Ltd.
The deal, which was announced back in March was slated to be worth €19.5 million, was terminated earlier this week and announced by bwin in an investor statement.
Through his statement Isaacs said: "It has become evident to us that Ongame's operations post-acquisition will not achieve the near-term results we initially expected and will require a larger ongoing investment than anticipated."
"Although we are disappointed in the outcome, after thorough due diligence we believe this is the right thing to do for our Company and our shareholders. We will continue to pursue opportunities to achieve our growth objectives in the online space, including leveraging and protecting our strong intellectual property and brands, and will investigate all prospects – both organic and acquisitive – that make strategic and financial sense."
Isaacs said that Shuffle Master will continue to invest in its own content platform while also looking for other options on a B2B online poker product.