The much awaited decision on the part of the US Department of Justice (DoJ) has finally been announced. The (DoJ) will allow the acquisition deal to continue between Full Tilt Poker and Groupe Bernard Tapie (GBT). The progress on the deal is subject to the decision of Full Tilt Poker’s shareholders to go ahead with it. If they agree to the acquisition, the Tapie Group will move ahead with providing Full Tilt Poker’s players across the world with their payments.
Ray Bitar Sends Email to FTP Shareholders
Recently an email was sent to shareholders of Tiltware by Ray Bitar. He announced in the mail that an agreement has been reached between the US DoJ and GBT regarding Full Tilt’s acquisition. The deal includes an agreement by the Tapie Group to clear the debts that Full Tilt owes its players. GBT will enter into an agreement to assume the responsibility of paying ROW players. Full Tilt’s US players will be reimbursed by the DoJ. Details, with regard to the repayment procedures have not yet been decided.
With the DoJ having agreed to the deal, GBT will now go ahead with acquiring assets and companies that Full Tilt comprises of. The status of the shares held by shareholders and also their interests are likely to be taken into account by the agreement. Ray Bitar mentions in the email that he will make sure that the terms of the agreement are shared with members.
US Attorney and GBT Working on Final Details
Final details of the deal are being worked on, between Bernard Tapie and the US Attorney. The agreement in its final terms is expected to come out within the next few days. Once the process is completed, Bernard Tapie will propose a deal to Full Tilt’s shareholders to acquire the poker room. For the deal to be passed, two-third votes of ownership are required.
Bernard Tapie’s Action Subject to Shareholders’ Decisions
Once shareholders agree to the acquisition proposal of GBT, the company will work on clearing the debts of non-US players. The US DoJ fixed an amount which has to be paid to US players. No deadline, within which funds have to be repaid, has been declared yet. If shareholders agree, GBT will proceed to formulate a license, moving one step closer to the launch of a new company.
The Alderney Gambling Control Commission announced in a press release about Full Tilt Poker’s license being cancelled that the revocation doesn’t restrict the company from reactivating its business under a new management.
Related posts:
- Full Tilt Poker’s Acquisition Deal to Be Confirmed in Few Weeks
- Full Tilt’s Investor has Reached an Agreement with the Department of Justice
- Full Tilt Acquisition Approved by Shareholders
- Attorney Says Full Tilt Players Scared to Claim their Money
- Negotiations between Full Tilt Poker and Group Bernard Tapie Continues
