Internet gambling group, Sportingbet, has terminated talks about a possible offer for the company.

The 30p per share bid from an un-named bidder was the result of Sportingbet’s attempts to raise additional funding in order to meet its earn out obligations in respect of the acquisition of Sportsbook in 2001.

However, the company has agreed in principle to the rescheduling and settlement of its obligations and has called the talks off.

The £70.1m settlement consists of shares valued at £30.2m and a £39.9m Loan Note.

Also, Barclays Bank has agreed – subject to the completion of documentation and certain conditions – to provide Sportingbet with a £10m revolving term loan, to be repaid by 31 March 2005 and to extend its overdraft facility to £10.5m.

The company’s delayed preliminary results for the year to 31 March are due to be announced later this month. Details: www.sportingbet.co.uk