True to its word Lottoland Holdings has submitted an alternative offer in the ongoing Zeal Network-Lotto24 bidding saga (see previous reports) with just barely a week to go before shareholders are scheduled to vote at an extraordinary general meeting.
Lottoland CEO Nigel Birrell said in an accompanying letter: “We believe that our Proposed Offer is deliverable within a shorter timeframe and gives greater certainty and higher value to shareholders.
“In summary, we believe that Lottoland’s Proposed Offer is superior to the contemplated Transaction and – subject to customary/confirmatory due diligence – should be put to shareholders to evaluate.
Lottoland Holdings has proposed the purchase of certain assets and entities of Zeal Network linked to the operation of its German focused business tipp24 .com, including the UK-based subsidiary Tipp24 Services Ltd, its customers and any related intellectual property as well as the relevant infrastructure necessary to operate the website.
The Proposed Offer excludes MyLotto24 Ltd, which Birrell believes could be used by Zeal for further expansion of the remaining business.
Lottoland is determining the value of the German business at Euro 38 million offering a 60 percent premium of a minimum Euro 60 million and a maximum Euro 76 million.
Birrell has urged Zeal Network to delay the extraordinary General Meeting until Lottoland’s Proposed Offer has been fully and adequately assessed, “so that a fully informed decision can be made by all shareholders.”