A long bidding process to privatize Turkey’s national owned lottery, Milli Piyango, has fallen through after the two remaining bidders failed to meet the minimum price set by the government. 

“After the Tender Commission announced a minimum price, the participants said their bids submitted in closed envelopes remained valid and did not raise the bids,” read an official Turkish statement. “The Tender Commission has decided, therefore, to cancel the tender.”

“We had expected a different procedure,” said Christos Hadjiemmanuil, the Chief Executive Officer of OPAP, justifying the group’s decision to pull out of the bid. “There was a procedure of two stages with closed bids on camera. In between the two rounds, Turkey announced its own amount of $1.622 billion. There was a confusion. It is obvious that the amount is excessive and unrealistic and we are not willing to hit it.”