BUY-OUT TALKS BETWEEN SPORTECH & STANDARD GENERAL TERMINATED

Negotiations between sports betting supplier Sportech and Standard General over a potential company buy-out have broken down.

In November, the New York-based investment firm made two offers for Sportech, valuing each share at 25p and 28.5p – both of which were rejected, with the supplier’s board saying both fundamentally undervalued its business and prospects. 

Sportech had given Standard General until 3 December to make a better offer, and had said it would be willing to extend that deadline if necessary. However, the company has now confirmed it has “terminated talks with Standard General,” saying that the proposal still failed to “adequately value the business and prospects of Sportech.”

Earlier this month, Australia-based gaming technology supplier, BetMakers, concluded a deal to acquire Sportech’s Tote and digital business, including its US, UK, and European racing and digital assets, for $41.3M. 

Commenting on that acquisition BetMakers managing director, Todd Buckingham, said:

“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.”

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