London-listed gaming supplier Sportech announced Wednesday that it has terminated its formal sale process and appointed Andrew Gaughan as its new chief executive.

The company had launched a formal sale process last October as part of a wider strategic review of the business.

Having engaged in detailed discussions with interested parties, Sportech’s board concluded that these discussions were “unlikely to result in an offer for all or a material part of the group that it would be able to recommend to shareholders”.

As a result, the board has closed the formal sale process and terminated all discussions with interested parties, with the announcement causing a 56 per cent slump in the company's share price Wednesday morning. 

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