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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 &amp; Media (INM).<br /><br />The company is expected to fetch between &pound;70m and &pound;100m.<br /><br />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 &euro;200m (&pound;126m) bond.<br /><br />It will also provide a huge windfall for Cashcade&rsquo;s directors and staff, who own around half the shares.