London-listed gaming operator Sportech saw its share price fall by almost 10 per cent in London early Tuesday after confirming that discussions over the sale of its Football Pools business have been terminated.
The collapse of the talks brings to an end a process that kicked off in September, when investment firm Burlywood Capital proposed to acquired the business for a total consideration of £97.25m.
Burlywood is run by Sportingbet founder Mark Blandford and former Merrill Lynch executive Andrew Burnett, and the pair had aimed to establish a new AIM-listed business through which to acquire the Pools.
However, Sportech chief executive Ian Penrose confirmed Tuesday that Burlywood “was unable to conclude the transaction set out within their proposal”, leading to talks being terminated.
As a result, Penrose said that Sportech would instead look to "focus on maximising opportunities for the business".
"The Football Pools is a valuable asset which has been transformed following a lengthy modernisation programme," Penrose added.