Sportech board puts business up for sale
Firm says four parties have already expressed interest in a takeover
The Sportech board is seeking offers to sell the business, it announced Thursday.
The company initiated a strategic review last month after CEO Ian Penrose and CFO Micky Khalifa revealed plans to leave the business.
And the board said Thursday it would seek offers for the firm, with “all options considered” in an effort to “optimise value for the benefit of shareholders”.
Sportech said four parties have already made preliminary approaches, although no detailed discussions have been held.
The operator said other parties interested in bidding should contact Canaccord Genuity.
Richard McGuire, non-executive chairman of Sportech, said: “We have today launched this formal sales process.
“Whilst we note there is no certainty that an offer, or suitable offer, will be forthcoming, our confidence in our businesses, in our growth opportunities and in our dedicated professional colleagues means that a potential sale is only one of the strategic options open to the Company.”
The company said it expects to provide another update on the strategic review along with its trading update on 9 November 2017.