6th Nov 2015 16:34
LONDON (Alliance News) - Sportech PLC on Friday said discussions with Contagious Gaming Inc over a potential takeover of Sportech by its Canadian gaming peer have been terminated.
Sportech said it did not receive an offer proposal which was "capable of being implemented or recommended".
On August 14, Sportech announced it had received a takeover proposal from Toronto-listed Contagious Gaming and that any recommended offer would be made at a premium to the company's closing price on the previous day of 62.63 pence.
The original deadline for Contagious Gaming to make a formal takeover offer for Sportech expired on September 11, but was extended to October 9 and then extended for a third time to Friday.
On Friday, Sportech added that it has recently received more than one preliminary proposal in respect of The Football Pools and will be reviewing the terms of these proposals in due course.
"The board remains focused on developing the growth opportunities for each of the group's divisions and on maximising value for shareholders," Sportech said in a statement.
Shares in Sportech were down 8.8% at 56.00 pence at the close Friday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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