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JKO Play withdraws its acquisition bid for Playtech
JKO Play has taken back its bid to acquire Playtech, opening the way for Aristocrat after its proposal of £2.7bln.
The previous bids had been teased by Gopher Investment which had bought Playtech’s financial service department, securing 4.97% of shares.
JKO Play became the third potential buyer of Playtech in the past month after which Gopher took back its offer of takeover.
When it became clear that the official meeting between Playtech’s stockholders was delayed to 2 February, JKO was obliged to announce its intentions about the acquisition of business. The deadline was set to 26 January.
Being a stockholder of 0.51%, there were rumors that JKO had secured financial backing for the takeover.
According to “Takeover Code”, JKO is able to set the restrictions aside in some cases. For example, if another company makes an acquisition offer, or if a gaming company makes a whitewash offer, or in other essential change.
Currently, Aristocrat is the first business in the list of Playtech’s potential bidder with its offer of 680 pence for each share.
In case of acquiring Playtech, Aristocrat intends to launch its Snaitech’s division within Europe together with its objectives of client’s engagement expansion and income increment.
The deal is suggested to close in Q2 of 2022.