Internet gambling software developer is a favorite

Opposing interests were apparently evoked in Spotingbet, when, according to the company's establisher Mark Blandford, his PEIC Acquisition group, decided to make an offer of some twelve point three million Canadian dollars for Parlay Entertainment, the gambling software developer based in Ontario. Two additional shows of interest were accepted by Parlay this week, who performed due diligence resulting in a potential acquisition of every one of the company's issued and outstanding shares.

Up to 30th January, PEIC had a golden opportunity where Parlay had agreed till then not to deal with additional bids, however, it currently seems that for the Internet bingo software developers from Canada, Perry Malone and Scott White the tender is now wide open.

Apart from stating that the bids are higher than the PEIC one, Parlay Entertainment is not revealing which company is making the new bids. Between one and one point twenty dollars per share, the purchaser would pay according to the most recent bid. Ninety five cents cash per share is the bid made by PEIC, a completely owned daughter company of Letton Investments Ltd. based in Barbados.

Parlay, in its recent media statement, stated that its data room, set up at its lawyers' offices and is now accessible in a virtual environment, will stay open to parties who in the following two weeks wish to perform due diligence.

These parties are now at the beginning of negotiations with the company and intend to proffer by the end of February 2008 definite bids for acquisition of all the company's shares both issued and outstanding. 

According to the company's spokesperson, it cannot be assured that any agreement is to be finalized in the wake of negotiations concerning the show of interest the company receives, neither can it be assured that any potential deal is to be finalized or confirmed by Parlay's shareholders.

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