Lottoland holdings has today made an offer in the region of €60m to €76m for the German Business of Zeal Network, the constituent Part of Zeal that the company hopes to expand with the proposed take over of Lotto24.
The news comes at the end of a Rollercoaster week for the respective boards and shareholders during which the CEOs have take public potshots at one another in a series of open letters and press releases.
While for the need of meeting to go ahead seems to hinge on the legal arguments and interpretation, the reality was that until Lottoland actually tabled its “alternative transaction” There wasn’t really much to see.
Lottoland said that it’s offering “will at least equally achieve or enable outcomes, likely exceed them whilst also creating additional benefits for shareholders as outlined in lottoland’s letter to the board.”
” The proposed offer is superior financially, deliverable, subject to minimal conditionality to execute within a short time of frame,” Lottoland said.
Zeal Confirmed that it has received “a Non binding, conditional and indicative offering from Lottoland holdings for the purchase of assets of the zeal group representing the core of the german business as currently operating under the Tipp24 brand.”