Tapie Group Bid to Acquire Full Tilt Poker Fails
News of the deal's failure comes on the heels of what appeared to be endgame moves serving as a prelude to a relaunch of Full Tilt Poker by Groupe Bernard Tapie, perhaps even by the end of April or early May.
After seven months of negotiations, including several recent indications that a deal was nearing completion, Groupe Bernard Tapie's efforts to acquire the embattled online poker site Full Tilt Poker have ended unsuccessfully. On Tuesday, representatives of both GBT and FTP announced that negotiations as brokered by the U.S. Department of Justice had concluded with the French group no longer a candidate to acquire the site.
In statement made on Tuesday, Groupe Bernard Tapie announced their acquisition bid had failed, citing two "major issues" as primary obstacles.
One concerned the inability of the three parties -- the GBT, Full Tilt Poker, and the U.S. Department of Justice -- to come to an agreement regarding "a plan for repayment of ROW (Rest Of World) players." The divide largely resulted over the Tapie group's hope to allow most but not all players the ability to withdraw funds at the time of relaunch, something the DOJ in particular insisted was not tenable.
The other sticking point ultimately dooming the acquisition were "the legal complications... specifically, questions surrounding the legality of the forfeiture under non-US laws" which GBT characterized as "unresolvable."
Meanwhile, Barry Boss, an attorney representing Full Tilt Poker, confirmed to the investigative reporter "Diamond Flush" that the deal had been "terminated," adding that FTP remained "more optimistic than ever that its number one goal will be obtained: Full Tilt players will be repaid."
News of the deal's failure comes on the heels of what appeared to be endgame moves serving as a prelude to a relaunch of Full Tilt Poker by GBT, perhaps even by the end of April or early May.
As noted here, stories concerning GBT representatives' visits to Dublin, Ireland (center of operations for FTP), the advertisement of job openings in Ireland by Pocket Kings (a subsidiary of FTP), and a new application to the Alderney Gambling Control Commission for a license to offer online gambling by Orinic Limited (another FTP subsidiary) all appeared to indicate the deal was near completion.
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