Playtech’s £2.7 billion Aristocrat buyout postponed as potential bidders surface

Posted:: Jan 06, 2022 13:36 Category: M&A Action , Online , Posted by Maria

JKO Play, a company run by former Formula One team owner Eddie Jordan and industry veteran Keith O’Loughlin, surfaced as a potential bidder for Playtech in November

Aristocrat, an Australian slot machine maker, agreed to buy Playtech for £2.70 billion (€3.23 billion/$3.65 billion) in October 2021, with the court and general meetings related to the agreement scheduled for January 12th.

The Aristocrat deal is being pushed back by Playtech, a company that makes software for gaming companies. The vote was supposed to take place on the 12th of January, but it will now take place on the 2nd of February.

ex formula 1 team boss eddie jordan considering 3b bid for playtech
Ex-Formula One team boss Eddie Jordan considering bid for playtech which is estimated to be worth more than £3 billion.

The deadline has been extended to allow for a prospective counter-proposal from a consortium led by Formula One millionaire Eddie Jordan.

Jordan and gaming industry veteran Keith O’Loughlin started chasing Playtech in November and have requested extra time to work on a prospective deal.

In November 2021, JKO Play, a company run by former Formula One team owner Eddie Jordan and industry veteran Keith O’Loughlin, surfaced as a potential bidder for Playtech. The couple has until January 26th to make a definite offer or walk away. Playtech stated that discussions were “progressing.”

By 5 p.m. on January 26, JKO Play must clarify its position and indicate whether it will make a bid.

The consortium has been in contact with the corporation since their offer, which is estimated to be worth more than £3 billion, according to reports.

However, Playtech directors continue to urge shareholders to “vote in favor of the Aristocrat offer,” according to the business.

“We are pleased to see proxy advisers’ recent recommendations to Playtech shareholders to vote in favor of all of the proposals,” Aristocrat stated.

If a larger offer comes in, it’s unclear whether Aristocrat will try to match it. Despite the fact that shares have remained consistently above the offer price, the corporation has failed to sweeten its bid.

About SiGMA Asia: UAE

With an eye towards new horizons, SiGMA Group goes eastwards next year to connect the brightest minds of the region in industries from gaming to cryptocurrency with 5000 delegates expected. With the United Arab Emirates prioritising bleeding edge technology through both opportunities for funding and attractive taxation schemes, we can imagine no better place for our lucky attendees to see a glimpse of the world of tomorrow. With the expo being a nexus of entrepreneurs and investors, they might just be part of this bright new future.

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