Aristocrat Leisure gives up on Playtech deal
Published: February 7, 2022
According to Playtech, the $4.7 billion offer didn’t receive the 75% support of the company’s shareholders. The bid, however, still got more votes in favour than against it. Shareholders represent 43.87% of the business.
Rumours speculated that Playtech would break up its business if the Aristocrat deal didn’t go through. Last week, Playtech’s board pointed out it was considering this approach to maximize shareholder value. It meant selling the developer’s B2B and B2C business, provided regulatory approval is met.
Trevor Croker, the managing director and CEO at Aristocrat Leisure, said they were disappointed the bid hadn’t been accepted. He added that developments were beyond the company’s control.
Croker also explained that a group of shareholders had opposed the takeover and refused to take part in talks between Playtech and Aristocrat.
The Australian gaming company will now turn its attention to other acquisition opportunities. The detailed information on the company’s future will be revealed at the general meeting scheduled to take place later this February.
Several parties were interested in acquiring Playtech, but none of them was successful. Aristocrat was the first to make the offer last October. Gopher Investment also wanted to submit a bid but backed out a month later.
JKO Play was also interested in making an offer. The consortium led by Eddie Jordan, former Formula 1 team owner, announced earlier this year it wouldn’t be making a bid. According to available information, the company’s shareholders weren’t in favour of a takeover.
Playtech is a renowned online casino software developer producing a broad offering of online gambling content.
The company was established in 1999 and has been delivering high-quality gambling solutions to some of the best online casinos around the world.