11th Sep 2015 11:18
LONDON (Alliance News) - Sportech PLC on Friday said the deadline by which Contagious Gaming Inc, a Toronto-listed gaming and software supplier, must decide whether to make a takeover offer or walk away has been extended.
Sportech, itself a pool betting operator and technology supplier, said it requested the extension, which was then granted by the UK's Panel on Takeovers and Mergers. Now, Contagious Gaming has until 1700 BST on October 9 to state a firm intention or otherwise about an offer for Sportech.
The extension comes after Sportech on August 14 said it had received a takeover proposal from 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.
"The proposal is subject to due diligence, Contagious Gaming raising suitable financing, and Contagious Gaming receiving a significant level of support for the proposal from Sportech shareholders," Sportech said on Friday.
It is possible for the deadline to be extended again, subject to the Panel's consent. The previous deadline was 1700 BST Friday.
Sportech advised its shareholders to take no action in the meantime.
Sportech shares were untraded at 61.50 pence on Friday just after midday in London.
By Samuel Agini; [email protected]; @samuelagini
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