Subject: Poker: "GBT and DOJ Strike Deal, FTP Sale Pending"
Subject: Poker is reporting that Groupe Bernard Tapie and the US Department of Justice have come to terms that allows GBT’s acquisition of Full Tilt Poker to continue.
The article states, that If FTP’s current shareholders agree to acquisition of their company, the deal with the DOJ will provide for payment of all players worldwide.
Multiple sources have also confirmed to S:P that the following email went out this morning to Tiltware shareholders from Ray Bitar:
I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising FullTiltPoker.
My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time.
With DoJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP. That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on.
See Subject: Poker for more information about this breaking news.