PlayUp and 123Gaming dissolve acquisition deal
PlayUp has decided to terminate its acquisition of US gaming platform 123gaming.
PlayUp held concern over the ownership of IP, commercial viability, supplier agreements, payment gateways, and profitability.
PlayUp Ltd CEO Daniel Simic provided the following comment on the dissolution of the deal:
"We'd like to thank 123gaming for its honesty and openness with us. Unfortunately, the deal could not be completed having regard to the best interests of the key stakeholders in PlayUp. We wish them all the best in their business endeavours moving forward."
PlayUp submitted alternative proposals to 123gaming which included offering PlayUp stock options to 123gaming shareholder, however, 123gaming declined.
CEO of 123gaming Rob Earle said, "Clearly, we are very disappointed by the collapse of this deal, but we very much still believe in the concept and will be moving on to seek out other opportunities that can properly fulfill the promise of a universal gaming token and integrated platform that we can utilize in the US marketplace."
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