Published
OnlineFinancialSports BettingIndustry

Sportech ends Standard General buy-out talks

Sportech has announced that discussions have broken down between the sports betting supplier and Standard General over a potential company buy-out.

meeting

Early last month, Sportech rejected two offers from the New York-based investment firm. One of the offers valued Sportech at 25p per share, while the other was slightly higher at 28.5p per share.

In a statement released at the time, Sportech’s board said it believed the offer “fundamentally undervalues Sportech’s business and prospects.”

The sports betting technology company gave Standard General until 3 December to make another offer, with an option to extend this timeframe if necessary.

Sportech has now announced that it has “terminated talks with Standard General.” In a statement, the company said it “concluded that the proposal did not adequately value the businesses and prospects of Sportech.”

Earlier this month, Sportech reached an agreement with BetMakers for the sale of its Tote and digital business for $41.3m.

Through the deal, the Australian-based gaming technology supplier agreed to purchase Sportech’s US, UK and European racing and digital assets on a cash-free, debt-free basis. BetMakers said it hoped the deal would accelerate its international growth plans.

“This acquisition will supercharge our entry into the US and position the Company for substantial growth on the back of the emerging wagering opportunities in US racing, including Fixed Odds, where we believe we are well placed,” said Todd Buckingham, BetMakers managing director.

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...