Parlay Turns Away Three Suitors
Published: Saturday, March 15, 2008 Online-Casinos.com
PARLAY TURNS AWAY THREE SUITORS
Shares plunge 20 percent following announcement
The Parlay Entertainment acquisition saga continued this week with the news that the Canadian online gambling software developer has turned down all three suitors, sending the value of its shares on the Toronto stock exchange into a 20 percent nosedive.
The bingo software suppliers' shares headed south after it said that it had terminated talks with the three parties which had expressed an interest in buying the firm.
In a statement the company said a "binding agreement has not been concluded with any of the parties who expressed an interest in conducting due diligence in the company within the timeframes established by the special committee of the board of directors".
The scramble for Parlay started in January 2008 (see previous Online-Casinos.com/InfoPowa reports) after the company announced it had entered into a letter of agreement with Mark Blandford's investment vehicle PEIC Acquisition. The offer valued Parlay shares at Cdn$0.95.
Blandford subsequently pulled out of talks amid complaints of delays after two more bidders emerged.
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