Frankfurt-listed lottery provider Zeal Network has rejected Lottoland’s offer for its core German assets, describing the non-binding offer as “significantly inadequate”.

Zeal said that Lottoland’s indicative offer of between €60m to €76m neglected the value of the company's Tipp24 business in Germany.

The company said that a sale would strip Zeal of its most valuable asset and the basis for future brokerage growth in Germany, while leaving the company and its shareholders with considerable downside risks.

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