Sportech ditches talks with hedge fund

Sportech has terminated its talks with Standard General about the disposal of the Global Tote business, it was announced yesterday.

The international betting technology company was in the process of due diligence over the proposed sale to the hedge fund company, but “after considering the full terms and conditions of Standard General’s proposal and taking into account the views of the shareholders, the board had decided that the proposal did not adequately value the businesses of Sportech.”

The company said that it still had other options open to it, including the proposed disposal of its Global Tote business to BetMakers Technology Group. It will hold a general meeting on December 24 to obtain shareholders’ consent to the proposal to dispose of the business.

In another release, issued today, Sportech said that it was backing the bid by BetMakers for Sportech’s racing and digital assets that was lodged on December 1.