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LottoMatica Withdrawing From OPAP
12/13/2012 : LOTTOMATICA WITHDRAWING FROM OPAP GAMBLING CONSORTIUM
Offer price increase has exceeded group's investment limits, says source
The improved Euro 190 million offer for a 12 year exclusive Greek lottery licence made by sole bidder the OPAP consortium has prompted one member, Lottomatica, to announce its intention to withdraw from the consortium, reports the Reuters news agency.
An unnamed source told Reuters that the offer price exceeded the company's investment limits, triggering the decision to withdraw.
OPAP, together with gaming technology partners Intralot , Lottomatica and Scientific Games, was the sole bidder for a 12-year licence to run lotteries which generated about Euro 60 million ($78 million) of profits last year.
"Lottomatica will exercise its withdrawal right and will give its 33 percent stake in the consortium to OPAP," the source said, adding that the Euro 190 million offer exceeded the terms of Lottomatica's investment.
Lottomatica was ready to back an offer of up to Euro 150 million but no more, according to market speculation.
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