Sportech terminates Contagious Gaming takeover talks
Although operator says it has received a number of proposals to acquire its Football Pools business
Contagious Gamingâs attempt to buy Sportech has come to an end after the target firm said the Canadian lottery and gaming provider had failed to table a suitable offer. [private]
In a statement, Sportech said it had not received an offer that was âcapable of being implemented or recommendedâ, and that talks with Contagious had been terminated.
Contagious first announced plans to acquire Sportech in its entirety back in August, but the company failed to table an offer ahead of the âput up or shut upâ (PUSU) deadline.
Contagious was granted a further extension after missing the second PUSU deadline, with the final deadline set for last Friday.
While no reason was given for the takeover talks coming to an end, eGR North America understands Contagious was struggling to raise enough capital to complete the acquisition.
However in its statement Sportech said it has received âmore than oneâ proposal to acquire its Football Pools business, which it âwill be reviewing in due courseâ.
The firm rejected a $113m bid to acquire The Football Pools back in May, with Sportech believed to be after more than $150m for the asset.
âThe board remains focused on developing the growth opportunities for each of the groupâs divisions and on maximising values for shareholders,â the statement said.
Sportech said it would make a further announcement on the proposals to acquire The Football Pools in due course.