Marketing conglomerate Veltyco Group plc has announced its withdrawal from a bid to acquire the Austro-German online bookmaker Ruleo Alpenland following the completion of a due diligence exercise.
The marketing company, which is focused on generating marketing leads for the activities of various partners in the gaming industry, said its decision had been swayed by recent developments regarding the German licence programme that could have an adverse impact on the Ruleo business.
In February this year Veltyco revealed that it was considering the acquisition of Ruleo, which operates the BTTY-branded sportsbook in Germany and Austria. Ruleo was valued at Euro 6.5 million under the terms of the proposed acquisition.
Shares in Veltyco imporoved 8.2 percent on news of the decision.