What’s New With Parlay

Parlay Entertainment, the market leader in bingo software, is considering various offers for its business. The company has indicated that it has received another expression of interest from a party interested in purchasing its software business. This is another party that is expressing due diligence.

Parlay has different entities at different stages in their due diligence process. According to Parlay, this will continue until the middle of next week at which time the company will begin to review the offers it has been receiving. It intends to have this review completed by the end of February.

PEIC Acquisition had a plan to acquire Parlay at a price of 0.95 per share. Parlay thought that its company was seriously undervalued at this price. PEIC has withdrawn from the bidding and its January 11, 2008 letter of intent has been withdrawn and Parlay has agreed to pay all reasonable legal and tax costs up to $500,000 Canadian dollars.

Among the three remaining bidders are thought to be Italy’s Lottomatica and Gibraltar’s St. Minver but no confirmation has been made by any of the companies. Even though Parlay would like to conclude a deal by the end of February, there is no guarantee that any of the three deals will be approved by Parlay shareholders.

Parlay was the first developer to provide bingo software for the internet. Since then they have grown to include not only seventy-five and ninety number versions, but also a full array of lottery and casino games. The company currently powers more online bingo sites than any other software developer. Their headquarters is in Oakville, Canada. They also have officers in Bridgetown, Barbados, and Valletta, Malta.

Posted: February 22, 2008
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