OPAP Makes Better Offer, Its Gambling Consortium Loses Lottomatica

Dec 13, 2012
OPAP Makes Better Offer, Its Gambling Consortium Loses Lottomatica
The sole bidder for a 12-year exclusive Greek lottery license, the OPAP consortium, made an announcement this week that it accepts HRADF's recommendation to boost its offer for the license, and raised it to Euro 190 million. However, it appears that this move has prompted one member, Lottomatica, to withdraw from the consortium. Namely, according to an unnamed source, the offer price exceeded the company's investment limits, so it decided to leave the consortium to OPAP, Intralot and Scientific Games. "Lottomatica will exercise its withdrawal right and will give its 33 percent stake in the consortium to OPAP," the source said, adding that it appears Lottomatica was ready to back an offer of up to Euro 150 million but no more.
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