London-listed gaming operator Sportech has secured an extension under the City Code on Takeovers and Mergers, allowing it more time to continue discussions with Canada's Contagious Gaming.
Contagious first approached Sportech in August with a proposal to make a bid for the entire share capital of the company.
It said at the time that any offer would be at a premium to Sportech’s share price of 62.63 pence per share on August 13th, with the proposed acquisition comprised primarily of cash.
The board of Sportech has now requested that the London Stock Exchange’s Panel on Takeovers and Mergers once again extend this deadline, which the panel has approved.
Contagious now has until 5:00PM on November 6th to either announce a firm intention to make an offer for Sportech, or announce that it does not intend to make an offer. This deadline can only be extended with the consent of the Panel.
Shares in Sportech plc (Co.Data) (LSE:SPO) were trading at 59.50 pence per share in London Friday, unchanged from the previous close, while shares in Contagious Gaming Inc (Co.Data) (CVE:CNS) were trading up 1.96 per cent at CAD$0.26 per share in Toronto.