JKO Play backs out of takeover race for Playtech, leaving the field open to Aristocrat Gaming
Shareholder vote is expected on February 2.
Aristocrat appears to be closing in on purchasing Playtech after it was announced that JKO Play would not be making an offer for the supplier.
The potential takeover of Playtech has been an ongoing story for several months. Both JKO and Aristocrat had indicated interest in the acquisition.
Aristocrat, in fact, made an offer for Playtech on October 17, 2021. The price was £6.80 ($8.90) per share.
As of now, this is the only firm offer that Playtech has received despite the fact that there has been a considerable amount of time for other bidders to make offers.
Aristocrat is eager to see its offer accepted. In a just-released statement, Aristocrat confirmed that the regulatory approval process is continuing apace and that it has every hope to complete the acquisition as quickly as possible.
Aristocrat’s offer, the company notes, is in keeping with the terms set out in the Playtech Board Recommended Acquisition. It also stresses that the value offered to Playtech shareholders is fair, has cash certainty, and is in keeping with previously expressed goals.
The vote on the offer is expected to be done at a meeting of Playtech shareholders scheduled for February 2.
Playtech is one of the leading software companies in the industry. Aristocrat Gaming, also UK-based, is a content provider poised to benefit from the integration of Playtech’s technology. Both companies are active in the US market.
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