New Millennium Games' NOW! 8-25-2013 Week in Review
Bally shares gained nearly 7 percent on the day of the announcement, and continued to race higher over the next month, hitting an all-time high of $75.61 on Friday after releasing fiscal 2013 earnings, before falling back in late trading to close at $70.51. (Fears about guidance for next year appear to have been the culprit in the quick change in sentiment.) SHFL shares would gain 22 percent on the day the merger was announced, as Bally’s offer of $23.25 per share in cash represented a 24 percent premium to SHFL’s day-prior close of $18.70. SHFL now trades at $22.73 per share, a modest discount to Bally’s offer price. With the merger expected to close “no later than” June 15th of next year, the discount seems appropriate, given the months-long wait for the full purchase amount. What it does show, however, is that the market does not expect a second bidder to come forward with a higher price...(more)
Ultimate Poker, the only regulated online poker site in the US, released version two of its software on Saturday.
In the first update since the site debuted in April, players will find a variety of enhancements, including improved table and tournament features and the introduction of a rewards program...(more)
Under Steve Ballmer, Microsoft has become a powerhouse in the gaming industry. The Xbox and Xbox One were and are massive successes. The Xbox sold more than 24.6 million units and theXbox 360 more than 78.1 million, according to VGChartz...(more)
Yahoo is the best example for Zynga to look to for a few reasons.
First, because, when you compare the two companies, the position that Zynga finds itself in now is strikingly similar to the where Yahoo found itself at this time roughly a year ago.
For example, in both situations the company is coming off the loss of its CEO; for Yahoo, it was Scott Thompson who was gone after only four months due to resume fudging scandal. For Zynga, it was founder Mark Pincus, who founded the company and then left a mixed legacy, at best.
Perhaps coincidentally, both companies had also recently laid off a large percentage of its employees the month before the CEO left. In April of last year, Yahoo laid off 2,000 people, or 14% of its workforce. By May, Thompson was gone. In June, Zynga fired 520 people, or 18% of its employees. By the beginning of the next month, Pincus had stepped down.
But the comparisons between the two go deeper than that. What really lumps Zynga and Yahoo together are the systemic problems that both companies have had to deal with, and fix, including their reputations in the industry.
Both companies became known as a place where start-ups went to die...(more)
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