Sportech allows Contagious Gaming a second deal extension

ticktockIt appears that Sportech Plc are prepared to play the waiting game by allowing Canadian gambling investment firm Contagious Gaming a second deal extension, to its proposed 18 August takeover inquiry.

Yet to receive a definitive offer, Sportech governance had given Contagious Gaming a 9 October ‘Put up or shut up’ (PUSU) deadline. However it appears that the Canadian outfit has been unable to process its acquisition bid in time.

In accordance with LSE regulations regarding takeover processes, Sportech governance issued a statement detailing that the bidding firm have been issued a further extension until 6 November (17:00) in which to make its formal  acquisition offer.

Sportech advised its investors to take no action at present, as there could be no certainty that its governance would accept Contagious’ formal offer

Prior to Contagious Gaming’s initial interest, Sportech governance had stated that it would only negotiate with the party if its deal would be compromised of a majority cash value.

Sportech governance is further seeking a premium price on its August closing share price of 62.53 pence, in order to progress the bid.

Check Also

UKGC launches public consultation on slot design

The UK Gambling Commission (UKGC) has launched a public consultation into online slot design, aiming …

Gamesys tops list for GambleAware Q1 donations

Q1 industry donation figures released by GambleAware have listed Gamesys Group as its highest donor …

German - firo, football, cup final: season 2019/2020, 04.07.2020 DFB-Pokal final of men Bayer Leverkusen - FC Bayern Mvºnchen, Muenchen Schluvujubel, Manuel Neuer, jubilation with Robert Lewandowski Photo: Jvºrgen Fromme / firosportphoto / POOL For journalistic purposes only! Only for editorial use! For journalistic purposes only! Only for editorial use! | usage worldwide

MySportwetten: What German players want from a bookmaker

The most important factor for German players choosing a bookmaker is a wide range of …