Sazka administrator selects CZK 3.81 billion winning bid for company

By Caroline Salls

Pittsburgh, Sept. 28 - Sazka AS' insolvency administrator, Josef Cupka, has selected a CZK 3.81 billion offer from Sazkova Kancelar AS as the winning bid for the company's assets, according to a news release.

Cupka said three of the bids received exceeded an expert's value of the company, which was CZK 3.59 billion.

Other bids received included a CZK 3.6 billion bid from Charlcoal and a CZK 500,000 offer from Synot TIP.

In addition, Penta Investments submitted a CZK 4.65 billion bid, but that offer did not meet the tender conditions and was incomplete.

Penta also did not deposit the amount offered into a blocked account of the insolvency administrator.

According to the release, Penta's bid was not considered a real offer but an attempt to cause damage to Sazka that would lead to the growth of rival company Fortuna, which is owned by Penta.

The administrator said Sazka's creditors' committee approved the winning Sazkova Kancelar bid on Monday.

Sazka is a Czech Republic lottery company.

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