Sportech has confirmed that it is seeking takeover offers for the business and has appointed Canaccord Genuity as its financial adviser for the process.
Last month, Sportech announced a comprehensive review of the business and its capital structure, with both chief executive Ian Penrose and chief financial officer Mickey Kalifa opting to resign from the firm.
Sportech said that it will now work with Canaccord Genuity to identify potential buyers and consider all options to “maximise value for shareholders”.
Since announcing the strategic review last month, several parties have contacted Sportech to enquire about its plans, four of which have since made preliminary approaches to acquire the business.
An appointed takeover panel has agreed that any discussions with third parties may be conducted within the context of a ‘formal sale process’, and any other interested parties have been advised to contact Canaccord Genuity for details.
Sportech expects any parties to, at the appropriate time, enter a non-disclosure agreement and stand still arrangement with the company, after which it will then provide information on the business, enabling potential bidders to submit their proposal to Canaccord Genuity.
“We announced last month a comprehensive strategic review to assess options to enhance shareholder value. Further to this investigation, we have today launched this formal sales process. Whilst we note there is no certainty that an offer, or suitable offer, will be forthcoming, our confidence in our businesses, in our growth opportunities and in our dedicated professional colleagues means that a potential sale is only one of the strategic options open to the company.” – said Richard McGuire, non-executive chairman of Sportech .
Sportech expects to provide a further update on the strategic review along with a trading update on November 9.
