Sportech plc (LON:SPO) has confirmed it received and rejected two bid approaches from New York hedged fund Standard General.
The approaches regarding potential cash offers to buy the company were pitched at 25p and 28.5p a share respectively, with the most recent received on October 28.
Sportech told investors that its board believes the proposed offer prices fundamentally undervalue its businesses and prospects.
At 28.5p per share, the October 28 approach was pitched at £53.8mln, a 58% premium to the London-listed share’s closing price on October 27.
In a statement on Thursday evening, Standard General noted: “The Sportech board has rejected all proposals to date and declined to enter into discussions which might allow Standard General to proceed to a firm offer.
“Standard General still hopes to engage with the Sportech board with the goal of securing a recommended transaction that it believes is highly attractive and in the best interests of all Sportech shareholders.”