Contagious Gaming given even more time to table Sportech offer
Canadian operator now has until 6 November to make bid amid suggestions it is struggling to raise cash requiredÂ
Contagious Gaming has been given a second deadline extension to table a formal offer to acquire Sportech ahead of todayâs 5pm put up or shut up (PUSU) deadline. [private]
In a statement released this afternoon, Sportech said it had requested an extension with the UK Panel on Takeovers and Mergers, which had agreed to push back the deadline to 5pm on 6 November.
Sportech confirmed it was in takeover talks with Contagious Gaming back in August, but under UK M&A regulations the Canadian firm had until 11 September to table a formal offer or step away from the deal.
When that deadline passed, Sportech and the Panel on Takeovers and Mergers agreed to give Contagious until 5pm today to table an offer.
While Sportech did not provide details on why the deadline had to be put back for a second time, eGR understands Contagious is struggling to raise the funds required to complete the deal.
Sportech had previously said an offer, if made, would be above the firmâs share price of 62.63p as of 13 August and would be a majority cash bid with the remaining balance in new Contagious Gaming shares.
Contagious Gaming, which acquired Germany and Isle of Man-based sportsbook software suppliers Digitote in a â¬5m (£3.6m) deal back in May, is focused on deploying a lottery-style sports betting platform in the UK, as well as its digital instant lottery platform in the North America market.