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Zeal Network turned down Lottoland’s offer for German business

ZEAL Network SE rejects non-binding offer from Lottoland for the purchase of its core German business.Lottoland lodged the cash offer to buy the Tipp24.com business, with a view to also purchasing Zeal’s UK subsidiary Tipp24 Services Ltd, its customers and related intellectual property and infrastructure.

However, Zeal has rejected the non-binding offer, saying it significantly undervalues Tipp24.com, and would strip the business of its most valuable asset.

Dr Helmut Becker, Zeal CEO, said: “The indicative offer from Lottoland is an attempt to buy our core German assets on the cheap. It does not reflect the value of our German business. At the same time, a sale of our core business would leave Zeal and its shareholders with all downside risks from pending VAT litigation in Germany and with significant costs from restructuring the rest of the business.

Lottoland’s offer therefore confirms our view that their main intention is to disrupt the Lotto24 transaction, driven by their business interests as a competitor”.

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