Sportech has announced that there has been a breakdown in discussions between sports betting provider and Standard General about a potential buyout of the company.
Earlier last month, Sportech rejected two offers from a New York-based investment firm. One of the offers priced Sportech at 25p per share, while the other was slightly higher at 28.5p per share.
In a statement released at the time, Sportech's board of directors said it believed the offer "substantially undermines the value of Sportech's operations and prospects."
A technology company offering sports betting has given Standard General by December 3 to submit another bid, with the option to extend this deadline if necessary.
Sportech has now announced that it has "completed talks with the General Standard." In a statement, the company said it "stated that the proposal underestimated Sportech's business and prospects appropriately."
Earlier this month, Sportech reached an agreement with BetMakers to sell its Tote and digital business for $ 41.3 million.
Under the deal, the Australian gaming technology provider agreed to purchase Sportech's racing and digital assets in the US, UK and Europe cashless and debt-free. BetMakers said it hopes the deal will accelerate its international growth plans.
"This acquisition will accelerate our entry into the United States and prepare the Company for significant growth as opportunities arise in US racing betting, including Fixed Odds, where we believe we are in a strong position," said Todd Buckingham, managing director of BetMakers.