Sportech hires Standard General to initiate potential sale
Standard General have announced a possible cash offer for Sportech at 28.5 pence per Sportech share.
On 6 November, the Board of Sportech announced that it had unanimously rejected this proposal.
On 1 December, Standard General submitted a revised proposal to Sportech at 32.5 pence per Sportech share. On the basis of this revised proposal, the Board of Sportech has agreed to share certain information with Standard General as part of a focused due diligence exercise in order for Standard General to be in a position to announce a firm intention to make an offer in accordance with Rule 2.7 of the Code.
Sportech has requested, and the Takeover Panel has consented to, an extension to the date by which Standard General is required either to announce a firm intention to make an offer for Sportech in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
Such announcement must now be made by not later than 5.00pm on 17 December 2020. This deadline can be extended by the Board of Sportech, with the consent of the Takeover Panel.
Further to Sportech’s announcement of the proposed disposal of the Global Tote business, the Company expects to publish a circular setting out further details of the disposal and convening a general meeting to approve the transaction in due course.