NetPlay TV pulls plug on Football Pools acquisition
Talks to acquire Sportech subsidiary terminated as NetPlay turns attention to other potential acquisition targets
NetPlay TV has withdrawn from the race to acquire Sportech’s Football Pools business, but said it was eyeing other potential deals.
Last month, Sportech opened bidding on its Football Pools business when it told interested parties to submit their best and final proposals by mid-January.
But in a statement issued to the market this morning, NetPlay TV said that after “careful consideration” it had decided not to enter the process and had terminated discussions with the London-based firm.
In December NetPlay TV said it had held “very preliminary talks” with Sportech, with its shares suspended until discussions came to an end or an agreement was reached.
That suspension has now been lifted with the firm also saying it could return to the M&A fold with it currently considering other potential acquisition targets.
“NetPlay, supported by its robust cash position, continues to peruse a strategy of actively considering any relevant acquisition opportunities and increasing shareholder value,” the firm added.
Sportech previously said it had received a number of indicative proposals for the Football Pools, and that its board would analyse each proposal later this month before making a decision whether to sell or not.
The operator is believed to be looking for around ?100m for the asset – it turned down a ?75m bid from GVC Holdings back in May.
Sportech’s share price was up 0.42% to 60.00p at the time of writing.