Three companies are currently conducting due diligence on Parlay Entertainment, the online bingo software developer, with a view to making a possible purchase offer.
The Ontario, Canada-based group was approached earlier this year by PEIC Acquisition Corporation, an investment firm run by Sportingbet’s Mark Blandford, with a C$12.1m bid.
On January 29, Parlay said it had opened its books to a second, as-yet-unidentified suitor, which purportedly made a superior offer to PEIC. The number of potential suitors then increased to four on February 15.
Towards the end of last week, Parlay announced that PEIC had terminated its letter of intent, thus pulling out of a possible acquisition. Parlay agreed to pay legal, tax and accounting costs up to the value of $500,000.
The remaining interested parties are now at various stages of their due diligence and Parlay said it will entertain binding offers to purchase all of the issued and outstanding shares of the company by the end of February.
The Sunday Times newspaper has linked UK bookmaker Ladbrokes to the deal.
