SBC News Sportech allows Contagious Gaming a second deal extension

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.

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