Playtech delays decision on £2.7bn takeover from Aristocrat

Playtech, a gambling tech group, has postponed the decision to bid for a £ 2.7 billion bid from Aristocrat, giving rival suitor JKO Play more time to make that proposal, so it’s ready for a bid war. I raised my expectations.

Playtech, which provides software for gambling companies to power live casinos, said in a statement Wednesday: JKO wants to provide more time to develop the conditions it may offer to the company. ”

The Takeover Panel in the United Kingdom has revised the deadline given to JKO and announced its firm intention to make Playtech’s offer from January 5th to January 26th, 2022. Playtech has postponed the date of approving offers from Aristocrat Leisure to February 2.

In October, the company conditionally agreed to a £ 2.7bn acquisition offer from Australian gambling machine maker Aristocrat.

Founded in 1999 by Israeli billionaire Teddy Sagi, Playtech was endorsed in November by JKO, a group managed by former F1 boss Eddie Jordan and former Scientific Games executives. The consortium has been involved with the company since that approach. It is reportedly worth more than £ 3 billion.

However, Playtech’s board members continue to insist that shareholders “vote in favor of the aristocratic offer,” the company said.

“We are pleased to note the recent recommendations from our deputy advisors to Playtech shareholders to vote in favor of all resolutions to implement the recommended acquisitions,” said Aristocrat.

The regulatory approval process is “on track” and “promises to complete the acquisition as quickly as possible,” he added.

According to people familiar with the deal, the deal depends on the outcome of talks on listing a joint venture between Playtech and Caliente in the United States via Spac.

Of the two bidders, companies seeking to take advantage of sports betting and online gaming legalization in more states, including Michigan, have received regulatory approval to do business in the United States. Only one person.

Playtech’s share price weakened on Wednesday after the announcement, dropping almost 2% from 732.5p to 720p.