Sunday, April 15, 2001
What's the Buzz?
Lottery Channel merger attempt terminated
For the second time in a year, The Lottery Channel Inc. has had a merger fall through.
The Cincinnati company, which operates the lottery.com Internet site and is trying to put state lottery gaming online, terminated its merger with California-based Bingo.com Inc. in late March.
Bingo.com officials revealed the termination in a filing with the U.S. Securities and Exchange Commission. Officials at the Lottery Channel have been quiet on the subject.
Several dozen shareholders of the Lottery Channel would have owned about 80 percent of the combined company, under the deal announced in December.
The termination follows last year's break-off of Lottery Channel's proposed merger with MDI Entertainment Inc.
Both were attempts by the Lottery Channel to become a public company by buying a public company, without the time and expense of an initial public offering.
Company chairman Roger Ach said Lottery Channel still wants to go public.
“We're still in the hunt,” he said. “We're still interested in doing mergers with public companies where we gain both liquidity and strategic assets. ... We'd be glad to go public with an IPO, but that market window may not open until later this year.”
Selling lottery tickets over the Internet is still the ultimate goal. But with the debate over school funding in Columbus and other states reluctant to approve such a move, it probably won't come anytime soon, insiders said.
— Cliff Peale
Have a tip about a Tristate company that should be included in our Buzz? Call 768-8147 or e-mail business@enquirer.com.
Delta family has grown dysfunctional
Airline unions stand strong as ever
Comair's jets idled, workers not
BYCZKOWSKI: New Economy
Mystery shoppers focus on service
He's Mr. Public Relations
Lessons learned in the stands
Business Notes
What's the Buzz?
