Playtech has issued JKO Play – a consortium run by Eddie Jordan, a former Jordan Grand Prix Formula One boss and Keith O’Loughlin, former SG Digital executive – a new deadline by which to make a firm offer in a takeover bid.
The company has until January 5, 2022 or else the company will forfeit its bid for the Europe-based gambling software company.
This resulted from a proposal JKO Play Limited made after Playtech shareholders accepted a multi-billion-dollar bid from Aristocrat Leisure on October 12, pending various approvals and the sale of its financial trading division Finalto. Shareholders had approved the sale of Finalto on December 1.
Playtech’s board maintains that Australia’s Aristocrat remains the best option to ensure “certainty and liquidity” for its shareholders, and Aristocrat has said it is still confident it will get its deal, which would be likely to complete in the second quarter of 2022 if it gets shareholders’ approval.
“JKO must, by 5:00pm on 5 January 2022, being the seventh day prior to the date of the shareholder meetings, either announce a firm intention to make an offer for Playtech under Rule 2.7 of the Code or announce that it does not intend to make an offer for Playtech,” said Playtech in a statement.
“This deadline will cease to apply if, before that time, a third party other than JKO has announced a firm intention to make an offer for Playtech under Rule 2.7.”
The Takeover Panel deadline will cease to apply if another party announces their intent to buy Playtech beforehand.
