Canadian online bingo software developer announces there will be no sale after months of speculation.
Thursday 20th March 2008
Parlay Entertainment Incorporated has announced that it has not reached an agreement with any of the parties that were interested in conducting due diligence in order to purchase the Canadian online bingo software developer.
In January, Parlay announced that it had received a takeover offer from PEIC Acquisition Corporation for $12.39 million, which prompted other bidders to come forward. The Ontario firm gave interested parties until the end of last month to complete due diligence and submit binding offers for its issued and outstanding shares with companies such as Lottomatica subsidiary GTech alongside St Minver, the operator of the International Bingo Network, rumoured to have been interested.
“Parlay wishes to express its thanks to all groups who contacted the company during the tender process,” read a statement issued by the Oakville-based developer.
“As the process is complex, expensive and time consuming, Parlay also extends its thanks to its employees, licensees, prospects and partners for their patience during this process.
“As this now brings a conclusion to the tender process, the company confirms that it will be focusing its efforts on the continued expansion of its core licensing business in the coming months. As a result of the tender process, Parlay has established new relationships with several highly regarded firms and intends to pursue those relationships with a view to exploring the software licensing and other synergies that exist between those businesses and Parlay.”
Parlay Entertainment Incorporated has announced that it has not reached an agreement with any of the parties that were interested in conducting due diligence in order to purchase the Canadian online bingo software developer.