Contagious Gaming has confirmed that it will not go ahead with a formal offer to acquire pools operator Sportech.
As reported by iGaming Business, Sportech in August revealed it had received a proposal from Contagious regarding a possible bid for the company.
Contagious was given until September 11 to make an offer for the company, but had this deadline extended twice, first to October 9 and then until November 6.
Upon reaching this latter deadline, Contagious said that it has opted not to make an offer for Sportech “in accordance with Rule 2.7 of the Code at this time, as the parties are unable to agree on terms for a possible transaction for 100% of the issued and outstanding shares of Sportech”.
Contagious, which said it has not requested an extension to the deadline, also noted that Sportech has recently received more than one preliminary proposal in respect of its The Football Pools business.
Contagious noted that it will now assess and evaluate its options and alternatives with respect to this.
source : www.igamingbusiness.com