International edition
September 27, 2020

October 31 is the deadline for a payment of 188 million euros

Codere core shareholders say could sell stake

(Spain).- The majority shareholder in Spanish gaming firm Codere is studying possible options for its 71 % stake, including its eventual sale. In a statement to the bourse regulator CNMV this week, the firm said the Martinez Sampedro family will make a decision on the stake on or before October 31.

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odere said the Martinez Sampedro family will make a decision on the stake on or before October 31, which is the deadline for a payment of 188 million euros to the former Codere owners, the Franco family, for a 41 % stake in the gaming firm.

Earlier on Monday a source close to Codere, referring to the terms of the purchase of the Franco stake, told Reuters: “As the deadline for the payment is not yet up and everything is up in the air (the Martinez-Sampedro family) is keeping its options open.”

Under the terms of the agreement, the source said that if the Martinez Sampedro family does not make the payment, it will have to renegotiate its debt or otherwise a mechanism will be triggered whereby the payment is guaranteed through the sale of the shares.

In a research note, Ibersecurities flagged Ladbrokes or Greek gaming company Opap as potential buyers for the stake. Asked whether Opap had had any contact with Codere or was interested in a stake in the firm, Opap CEO Christos Hadjiemmanuil told Reuters: “We will not comment on that”.

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