Parlay M&A: Three is Company and Two None

16 February 2008

By Christopher A. Krafcik

Parlay Entertainment said Friday that it had received a third expression of interest in an ongoing bidding battle spanning the better part of a month.

Last month, PEIC Acquisition Corp. offered Parlay an all-share buyout at CDN $0.95 per share. PEIC was later outbid by the second suitor, which offered between CDN $1.00 and CDN $1.20 per share.

Parlay did not publicize financial details of the third bid.

Parlay said negotiations with all three suitors are ongoing, and that the three have been given access to conduct due diligence.

Parlay Chief Executive Scott White could not be reached for comment.

Earlier this month, when asked how a sale would benefit Parlay, White said that as a small business, a sale would help it become stronger and give its product greater international reach.

On Toronto Stock Exchange, Parlay's shares closed up CDN $0.06, or 6.38 percent, to CDN $1.00.

Parlay M&A: Three is Company and Two None is republished from iGamingNews.com.