Casinos.co.uk: Casino News Archive
Friday 22nd February 2008
Parlay Receives Rival Bids
Canadian gambling software developer Parlay Entertainment has been approached by two unidentified parties interested in conducting due diligence.
The Ontario firm was approached earlier this year by PEIC Acquisition Corporation, an investment firm run by Sportingbet founder Mark Blandford, with a $12.08 million bid and agreed not to consider rival bids until January 30.
It now appears that bidding has opened for the Oakville-based developer of online bingo software founded by Perry Malone and Scott White, although Parlay has not divulged who is behind the new offers other than stating that they are ‘superior’ to PEIC’s bid. Under the latest offers, each share could be worth up to $1.20 while PEIC, a subsidiary of Barbados-based Letton Investments, was prepared to offer only 95 cents per share.
Parlay stated that its data room, established at the offices of its solicitors and available on a virtual basis, will remain accessible to parties interested in conducting due diligence over the next two weeks. The firm will now commence negotiations with the additional parties and entertain binding offers until the end of the month for the purchase of all of its issued and outstanding shares.
'There can be no assurance that any agreement will be entered into as a result of the negotiations around any expression of interest received by the company nor can there be any assurance that any proposed transaction will be completed or approved by the shareholders of Parlay,' said a Parley spokesperson.
Source:OnlineCasinoNews
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