Emma Delta Last Bidder Standing In OPAP Sale

Greece's privatisation agency is waiting for Czech-Greek investment group Emma Delta to improve an offer understood to be less than €630m for a majority stake in betting monopoly OPAP.

Emma Delta has been granted an extension by Greece's privatisation agency (TAIPED) to come up with an improved bid and now has until Wednesday May 1.

The group was left as the sole suitor for OPAP on Monday when TAIPED rejected the only other bid, from New York hedge fund Third Point, for failing to meet the terms and conditions of the tender.

TAIPED's directors unanimously decided not to unseal the conditional offer from Third Point as bidders were told they could only submit definitive bids.

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