Parlay Entertainment, the late-January recipient of two competitive bid approaches, said today negotiations with the two suitors are ongoing but that no deal has been reached yet.
In a brief interview with IGN, Parlay Chief Executive Scott White said the company has received two expressions of interest, one from PEIC Acquisition Corp., the other from an unnamed suitor.
White said that the company is proceeding with due diligence requirements it agreed to under non-disclosure with PEIC, but said that with respect to the second offer, no commitments have been made.
"Unfortunately, there isn't a binding contract in place with anyone yet, but we certainly are further in the process," he said.
When asked how the sale would benefit Parlay, White said that as a small business, a sale would help it become stronger and give its product greater international reach.
"Generally speaking, the industry is in a consolidation mode," he said. "In most circumstances, I think bigger is better."
PEIC has offered Parlay CDN $0.95 per share, while the unnamed bidder has offered between CDN $1.00 and CDN $1.20, cash, per share.
Leading negotiations for PEIC is Sportingbet founder and PEIC President Mark Blandford. PEIC is a wholly-owned subsidiary of Letton Investments Ltd., a Barbados-based group set up to invest in companies who operate in or are related to the I-gaming industry. The proposed investment would be PEIC's first in the I-gaming space.
Chris Krafcik is the editor of IGamingNews. He lives in St. Louis, Mo.