Contagious Gaming (CVE:CNS) has confirmed that the deadline for it to make a firm offer for London listed Sportech (LON:SPO) has been extended to October 9.
Last month the Canadian company revealed it was in talks over a possible cash-and-share offer, likely at a premium to Sportech’s share price at the time (which was about 62p).
It did, however, also reveal that a deal would be securing appropriate debt and equity financing.
Sportech operations ‘football pools’ gaming in the United Kingdom - it is a form of lottery game where instead of picking numbers player predict which football matches will result in ‘score draws’.
The company also has a racing and digital division that supplies betting software and services to licensed racing and betting operators.
In 2014, Sportech generated revenues of £104mln (C$213mln) and underlying earnings [adjusted EBITDA] of £24mln (C$49mln) in the 2014 tax year.
The combination of Sportech and Contagious Gaming would create the largest pure-play, sports-focused gaming company on the TSX, should a deal be possible.
