17th Aug 2015 17:34
LONDON (Alliance News) - Contagious Gaming Inc Monday confirmed that it is in talks with gaming company Sportech PLC, after Sportech reported last Friday it had received a proposal from Contagious regarding a possible offer for the company.
Contagious noted that it has not made a firm intention statement under the City Code on Takeovers and Mergers. Under the takeover code the company must either make a firm intention to make an offer by September 11, or walk away.
Contagious said that a proposal has been made to Sportech about a potential business combination it expects to "create significant shareholder value for existing and potential new shareholders of Sportech and Contagious Gaming."
"The proposed business combination is subject to a number of conditions, including securing appropriate debt and equity financing. There can be no certainty that the submission of the proposal will lead to Contagious Gaming making a formal offer or, in turn, the completion of the business combination," Contagious added.
Shares in Sportech closed down 2.8% at 67.65 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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