01/12/2012 : CRYPTOLOGIC SALE LATEST (Update)
Extension to ‘put up or withdraw' rule requested
The potential sale of online gambling software developer Cryptologic to the Montreal-based Amaya Gaming group appears to be taking a little longer than anticipated as due diligence progresses and the companies remain in the negotiating phase.
In a stock exchange notification Thursday, Cryptologic advised that the talks, which started around mid-December continue, but that the 12 January stock exchange deadline for a firm offer in terms of the City Code on Takeovers and Mergers is unlikely to be met.
The company had therefore requested an extension to afford Amaya time to complete its due diligence process and finalise its financing arrangements.
The stock exchange has agreed an extension to 5.00 p.m. on 2 February 2012.