ZEAL Network has rejected an informal offer of up to €76m for its German assets from Lottoland, saying the bid was “significantly inadequate” for what it considers its most valuable asset.
Lottoland’s proposed deal would strip ZEAL of its Tipp24 unit, its most important asset and the basis for its own proposed deal to buy Germany’s Lotto24 that will pivot the company away from the risky lottery betting business, Frankfurt-listed, London-based ZEAL said.
The offer from Lottoland, a rival to ZEAL’s current business of lottery betting, is “an attempt to buy our core German assets on the cheap”, said ZEAL’s CEO Helmut Becker.
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