Contagious makes offer for Sportech

Contagious makes offer for SportechPools operator Sportech says it has received a proposal from Contagious Gaming regarding a possible recommended offer for the company.

Sportech said it would only recommend an offer that was at a premium to its closing share price of 62.63 pence on Thursday and would comprise a majority in cash and the balance in new shares in software developer Contagious Gaming.

Sportech owns The New Football Pools and operates in more than 30 countries worldwide.

“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,” a Sportech statement read.

“A further announcement will be made when appropriate. 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.”

In addition, Sportech said any VAT repayment relating to its forthcoming Court of Appeal hearing connected to its ‘Spot The Ball’ game would be split 50/50, with half being returned to Sportech shareholders and the other half going into the then enlarged group following the deal.

That VAT repayment claim is for £97 million (€136.3m/$151.8m), and the hearing about the claim will be heard in November.

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