Playtech today revealed that JKO Play Limited does not plan to make a bid for the acquisition of the gaming software company.
JKO expressed interest in the acquisition of Playtech in November last year when it sent preliminary inquiry, seeking access to certain due diligence information to explore the terms of a possible offer.
Australian gambling equipment maker, Aristocrat Leisure Limited, had already made a £2.7 billion acquisition offer prior to this.
Gopher Investments, the largest Playtech shareholder and recent buyer of Finalto, also made an offer to acquire Playtech which was withdrawn in November 2021.
Aristocrat Offer
The Board of Directors of Playtech unanimously recommends that the shareholders vote in favour or Aristocrat Leisure’s offer. Playtech’s Court and General Meetings, where the shareholders can vote on the acquisition offer and on the Playtech Resolutions will be held on 2 February 2022.
Playtech’s BoD has shared concerns that it still seeking engagement from some of the company’s investors who have not yet disclosed their position on the Aristocrat Offer.
The BoD said:
The absence of customary levels of engagement means that the Board is approaching the Court and General Meetings without a clear understanding of whether these shareholders are supportive of the Aristocrat Offer.
As a result of JKO’s announcement, JKO is not allowed to make an offer for Playtech within six months of today’s date.
