Update on Possible Offer for CryptoLogic by Amaya Gaming Group Inc. ("Amaya")
20.05.12
CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP)
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On December 15 2011, the Board of CryptoLogic (the "Board"), a developer of branded online betting games and Internet casino software, announced that it had received an approach from Amaya regarding a possible offer to acquire the entire issued and to be issued ordinary share capital of CryptoLogic (the "Possible Offer"). On the basis of the Possible Offer the Board of CryptoLogic agreed to allow Amaya to conduct confirmatory due diligence.
The announcement also stated that in accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the "Code"), Amaya must, by not later than 5.00 p.m. on 12 January 2012, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
Source: EIN News (press release)