Lottoland is “disappointed” with the outcome of today’s General Meeting of Zeal Network shareholders, at which the deal to buy Lotto24 was approved, and has reiterated its view that the transaction is “value destroying”.
In a statement, Nigel Birrell, CEO of Lottoland, said: “We are disappointed with the result of today’s General Meeting.
“With resolution number two [waiving the requirement on Günther Group to make a takeover offer for Zeal] turning out to be very close with only 51 per cent votes in favour and 49 per cent voting against, we do not believe the outcome provides a clear mandate from the shareholders of Zeal to take the transaction forward,” said Birrell.
“Especially given the fact that without the votes of the Lotto24 shareholders this would not have been approved.”
Birrell stressed that Lottoland stands by the reservations it has about the deal, set out in a number of open letters and statements in the last fortnight.
“This highlights what we have expressed all along,” said the CEO, “that the Lotto24 shareholders are the only ones that will benefit from this transaction; and that the transaction is value destroying for Zeal shareholders.”
However, seemingly acknowledging that the matter is now closed, Birrell said that Lottoland would “continue to look at other M&A opportunities and to consolidate our market leading position in the lotto space.”