9th Oct 2015 11:20
LONDON (Alliance News) - Sportech PLC Friday said it has extended the deadline for the potential takeover of the company by Contagious Gaming Inc until next week.
The original deadline for Contagious Gaming to make a formal takeover offer for Sportech expired on September 11, but this was extended to expire on Friday and has now been extended for a third time until November 6.
"A further announcement will be made when appropriate. In the meantime, Sportech shareholders are advised by the board to take no action. There can be no certainty that any formal offer for the company will be forthcoming, nor as to the terms of any such formal offer," said Sportech.
The extension comes after Sportech on August 14 said it had received a takeover proposal from Toronto-listed Contagious Gaming. At the time, Sportech said that any recommended offer would be made at a premium to the company's closing price on the previous day of 62.63 pence.
Sportech did not rule out a further extension, but said this would only be granted subject to approval from the UK Panel on Takeovers and Mergers.
Sportech shares were untraded on Friday, last trading at 59.50 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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