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Mergers & Acquisitions

Stride Gaming confirms sale consideration

Stride Gaming has confirmed "recent press speculation" and is reviewing all strategic options to "maximise value for its shareholders."

StrideGaming

The Sunday Times yesterday reported the online bingo specialist has put itself up for sale, with its share price trading at 66% below its September 2015 peak.

In a statement, Stride has refuted the report’s suggestion it was fined by the Gambling Commission on two separate occasions, clarifying there was only one £7m ($9m) fine for subsidiary Daub Alderney.

However, the gaming firm has confirmed it is considering "potential industry consolidation" through a sale.

Other strategic options being explored by Stride include "more aggressive international organic expansion" and the possibility of its own acquisitions.

Stride has appointed Investec as its financial adviser while reviewing all options. The company is now in an "Offer Period" as a result of its announcement.

The Stride board expects to report on the review before announcing interim results for the period ending 28 February 2019.

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