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.
Gopher Investments, the largest Playtech shareholder and recent buyer of Finalto, also made an offer to acquire Playtech which was withdrawn in November 2021.
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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.