Saturday November 7,2015 : SPORTECH – CONTAGIOUS GAMING DEAL IS OFF (Update)
After two extensions to negotiating timeframe, betting companies walk away from acquisition deal.
After months of negotiating that has necessitated two stock exchange extensions to the mandatory bargaining timeframe UK-based Sportech plc and Canada's Contagious Gaming have abandoned acquisition talks.
Announcing the failure to reach agreement despite negotiating since August this year, Contagious said that it had not proved possible to secure mutually acceptable terms, whilst Sportech declared that it had not received an offer that the board could recommend to shareholders.
Sportech has also noted that it has received other offers from undisclosed parties which it is considering.
InfoPowa readers will recall that Sportech was not the only iron Contagious had in the acquisition fire; in October the company announced an agreement to acquire sports software provider Digitote for Euro 4.8 million.