JKO Play not interested in Playtech anymore
Published: January 25, 2022
In November last year, JKO Play, a company owned by Eddie Jordan and Keith O’Loughlin, was seen as a serious bidder for Playtech.
After a series of talks with Playtech, the gaming giant even postponed a shareholder meeting earlier this month to give more time to JKO Play to make a bid.
Initially, JKO Play was given until January 5 to submit a bid for Playtech, although the deadline was later moved to February 2. However, JKO Play announced it wouldn’t be making an offer for Playtech.
That means that Australian slot machine maker Aristocrat is the only interested party to buy the company. The deal to take over Playtech was brokered last October, and under its provisions, the move will be worth $4.7 billion.
According to Playtech’s previous statement, its directors will vote in favour of the offer made by Aristocratic. The company claims it will provide liquidity and certainty. Despite the initial interest from JKO Play, the position remained unchanged.
However, it’s still unknown how shareholders will vote next month, despite Aristocrat urging to approve the acquisition.
The initial estimates said the deal would be completed during the second quarter of this year.
In December 2020, Playtech shareholders greenlighted the sale of Finalto, the company’s trading division, to Gopher Investments. This was seen as a crucial step required for Aristocrat’s takeover to happen. Gopher was also interested in buying Playtech but withdrew its offer in the initial phase.
An official statement from Playtech says:
A number of material investors have not to date engaged meaningfully about their views on the Aristocrat offer, including certain investors that have disclosed or taken material positions in the company following the announcement of the Aristocrat offer.
Founded in 1999, Playtech is one of the leading providers of gambling solutions worldwide. The company is listed on the London Stock Exchange and at this moment employs more than 6,000 people.