Zeal Network shareholders approve Lotto24 takeover
Zeal Network’s shareholders have voted to approve its takeover offer of rival Lotto24.
The German lottery operator was engaged in a public dispute with another rival, Lottoland, over the deal but has made an important step towards its completion.
While Zeal shareholder approval does not mean the takeover is confirmed, it gives the green light to certain pre-conditions. Germany’s antitrust regulator has also already approved the deal.
Lottoland had previously scrutinised Zeal’s offer and attempted to thwart the deal with an offer to buy Zeal brand Tipp24.
Zeal rejected that proposal, however, prompting Lottoland CEO, Nigel Birrell, to say in a statement: "We are disappointed with the result of today’s General Meeting.
"This highlights what we have expressed all along: that the Lotto24 shareholders are the only ones that will benefit from this transaction; and that the transaction is value destroying for Zeal shareholders.
"We will continue to look at other M&A opportunities and consolidate our market leading position in the lotto space."