Emma Delta raises OPAP offer to €650mln ahead of deadline, sources say

Greek-Czech investment fund Emma Delta, the sole bidder in the race to buy Greek state-controlled gambling monopoly OPAP, has agreed to a demand by Athens to raise its offer to 650 million euros ($857 million), officials involved in the sale told Reuters on Wednesday.

The fund had initially offered 622 million. Athens had given it until May 1 to improve its offer to at least 650 million as it sought to avoid the sale process ending in failure.

Greece’s advisers National Bank and Deutsche Bank have estimated the stake’s value at 610 million euros and a third adviser at a minimum 650 million.