Partygaming, Plc. gambling on Victor Chandler Group

The Victor Chandler Group is being hotly pursued by PartyGaming, Plc. which is one of three companies who've offered unsolicited bids to purchase the online gambling firm. The identities of the other two bidders are still unknown.

PartyGaming, Plc., which operates PartyPoker.com, is looking to further expand its business away from the United States. One step was their recent acquisition of Gamebookers for £69 million.

Acquiring the Victor Chandler Group would help them even further since it doesn't take bets from the Unites States and has a large following in Asia. The group operates a sports betting business as well as an online casino, and VC Poker.

To evaluate the offers it's received, the Victor Chandler Group hired Zeus Captial, a corporate finance firm. Neither Victor Chandler Group or PartyGaming, Plc. has officially commented on the bid, but "The Observer" has reported that sources have said negotiations may begin in September.

The Victor Chandler Group is owned by Victor Chandler who inherited the company which was started by his grandfather, also named Victor Chandler. When Chandler inherited it, the business was failing, but now it has a £1.4 billion turnover after being moved to Gibraltar in 1996 and moving into the online gambling business as well as sports betting.

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