|Shares in Swedish online gambling turnkey provider Boss Media have risen in value by 25 percent following news that GTech subsidiary GEMed has made a bid for the company.|
Boss Media released background on the potential deal in a statement late last week revealing that GEMed value the Stockholm-listed firm at just over $157 million. It also stated that was approached by a number of parties at the end of 2007 who had an interest in acquiring the company.
Based on this serious interest, Boss stated that it retained the services of HDR Partners as advisers and established processes allowing for limited due diligence as well as for meetings with management. Boss said that GTech agreed to participate in this process and then subsequently submitted an offer to a deadline set by its board.
Boss said that it would, among other things, wait for a fairness opinion from HDR before deciding whether to recommend the sale to its shareholders.