UK betting operator Sportech saw its shares lose over half their value on Wednesday after announcing that nobody wanted to buy the company.

Wednesday morning saw the UK-listed Sportech inform the markets that the formal sale process (FSP) it commenced last October as part of a wider strategic review had failed to deliver the intended result.

While Sportech said it had engaged in “detailed discussions” with an unspecified number of interested parties, Sportech’s board ultimately concluded that these talks “were unlikely to result in an offer” that the board could in good conscience recommend to shareholders. As such, Sportech has closed the FSP and terminated further discussions.

The market reaction was swift and negative. After closing Tuesday’s trading at 77.8p, the stock opened Wednesday’s trading at 31.5p, before staging a minor rally to close out the day at 37.5p, down 51.8% from the day before.