Online lottery betting operator Lottoland has thrown a spanner into the works of rival ZEAL Network’s plan to (re)acquire lottery broker Lotto24 AG.

In November, the London-based ZEAL announced an all-share voluntary takeover offer for Lotto24, a former ZEAL subsidiary that was spun-off from the mothership in 2012. Assuming Lotto24 shareholders went for it, ZEAL envisioned sealing the deal in the first half of 2019.

On Monday night, Lottoland CEO Nigel Birrell issued a public letter to ZEAL’s CEO Helmut Becker, arguing that ZEAL’s bid to reacquire Lotto24 “makes no strategic or economic sense.” As an alternative, Birrell said Lottoland planned to “make an offer for the purchase of certain assets” of ZEAL, promising to publish full details of this offer by the end of the month.

Birrell, who identified himself as a ZEAL shareholder, laid out a nine-point argument detailing his objections, including his belief that Lotto24 is wildly overvalued. Birrell also challenged whether the Lotto24 takeover was intended to benefit “certain shareholders” at the expense of ZEAL’s rank-and-file shareholders.