Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

Full Tilt Poker
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  • PG News September 30, 2011
  • 2 Minutes Read

According to PokerStrategy.com, Full Tilt Poker signed an acquisition agreement with the Bernard Tapie Group one day after the AGCC revoked FTP’s gaming licences. The announcement was welcomed by poker players as the agreement includes the repayment of all FTP player accounts around the world. Bernard Tapie is a French entrepreneur and politician who has an extensive history of rebuilding bankrupt companies and making them profitable – the most famous one being Adidas which he owned from 1990 to 1993.

Press release:

“Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of ‘Groupe Bernard Tapie’ announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.

This agreement, which includes the repayment of Full Tilt Poker’s world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.

‘Groupe Bernard Tapie’ has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas.”

Laurent Tapie granted an exclusive interview iGaming France- Tapie didn’t disclose how much money the acquisition would cost his company, but he said he “wouldn’t have undertaken such a project if he didn’t believe in its potential.” Tapie made it clear thatthe agreement includes “repayment of Full Tilt Poker’s world-wide players in full, and is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice.

Furthermore, Laurent Tapie told iGaming France:“We have shown that we have the funds necessary to repay player debts. We want to find ways where we don’t have to put in all the money and will be talking to the US Department of Justice next week.”Tapie also added “The brand is not in question, it’s a well-known brand and the technology is widely recognized as being possibly the best in the industry. The management of the company is being questioned and it will be changed (should the takeover be concluded). I believe we have the tools necessary to once again make the site one of the leaders in the online poker sector.”

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