PlayUp plots potential sale in strategic review
Australian firm to consider possible sale of company in latest corporate twist following Dr Laila Mintas saga
PlayUp’s board of directors has begun a strategic review into its operations which could eventually lead to the sale of the company.
The Australian operator, which is currently live in the US in New Jersey and Colorado, revealed it was undertaking a “process to evaluate strategic alternatives” for the future.
These alternatives, alongside a potential sale of the company, include strategic partnership or other possible transactions.
Innovation Capital has been named as the operator’s exclusive financial advisor to assist with the strategic review process.
The news of a potential sale comes after the firm confirmed it was close to securing regulatory approval to launch its proprietary betting, entertainment, and sports tech platform in the US.
PlayUp has been embroiled in controversy in recent months, namely with the ongoing legal dispute between the company and its former US CEO, Dr Laila Mintas.
PlayUp had alleged Mintas was guilty of corporate sabotage and confidentially breaches in relation to a potential $450m acquisition of the firm by crypto exchange FTX Limited.
PlayUp then filed a temporary restraining order against Mintas in December 2021 to prevent her from using confidential information and making disparaging statements about her employers to external entities.
Mintas subsequently filed her own countersuit against her former employers, detailing numerous allegations against PlayUp’s board of directors and, in particular, PlayUp’s global CEO, Daniel Simic.