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Gambling firms fight over deal
ONLINE gambling firms PartyGaming and 888 are vying to submit bids to buy Cashcade, the internet bingo group that is part owned by Independent News & Media (INM).
The company is expected to fetch between £70m and £100m.
The deal will provide a valuable lifeline to INM, which has a 20 per cent stake in Cashcade. It recently secured a standstill agreement with its lenders over the payment of a €200m (£126m) bond.
It will also provide a huge windfall for Cashcade’s directors and staff, who own around half the shares.