Czech financial groups make the purchase
After the bankrupt Czech national lottery and betting firm Sazka AS was put up for sale, only three bidders applied, one of which is its buyer, Czech financial groups PPF AS and KKCG who made a joint bid.
However, not everything went smoothly with the sale. Since the main criteria for the selection was the highest bid, the company bidders had to put a deposit of 500 million-koruna ($29.3 million).
The other two bidders were believed to be Synot Holding and Fortuna, whereas the Penta Group withdrew from the tender process claiming it wasn't transparent. What's behind this move is that Penta had reportedly offered 5 billion Koruna ($276 million) for the company outside of the official process, so it now plans to challenge the decision in court.
Yet, Penta was not the only one dissatisfied with the tender. There was also one of Sazka's major creditors, bank Česká spořitelna, who requested the tender's cancellation and a new bidding process “due to fears of legal action against Sazka's bankruptcy lawyer over the sale of the company's assets.”
After the bankrupt Czech national lottery and betting firm Sazka AS was put up for sale, only three bidders applied, one of which is its buyer, Czech financial groups PPF AS and KKCG who made a joint bid.
However, not everything went smoothly with the sale. Since the main criteria for the selection was the highest bid, the company bidders had to put a deposit of 500 million-koruna ($29.3 million).
The other two bidders were believed to be Synot Holding and Fortuna, whereas the Penta Group withdrew from the tender process claiming it wasn't transparent. What's behind this move is that Penta had reportedly offered 5 billion Koruna ($276 million) for the company outside of the official process, so it now plans to challenge the decision in court.
Yet, Penta was not the only one dissatisfied with the tender. There was also one of Sazka's major creditors, bank Česká spořitelna, who requested the tender's cancellation and a new bidding process “due to fears of legal action against Sazka's bankruptcy lawyer over the sale of the company's assets.”
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