Days after Zeal Network rejected an approach from Lottoland Holding for Zeal’s german business, lottoland has increased its stake in Zeal to 5.53 percent.
Lottoland has issued a statement confirming it had filed a TR1 form with the both the UK Financial Conduct Authority and Zeal confirming it now holds 5.53 percent in Zeal, up from 4.01 percent- more than 30% increase in its shareholding.
The operator has requested Zeal Postpone the general meeting scheduled for this friday January 18, at which Zeal hopes shareholders will wave through the acquisition.
One of the grounds of delaying the meeting cited by Lottoland, was that it had an alternative transaction it wished to table that shareholders will wave through the acquisition.
Last Friday, Lottoland did put a forward bid, worth €60 to €76m, for Zeal’s german business, only to see it swiftly rejected by the Zeal Board as “significant undervaluing the assets in the question.