Playtech backs Aristocrat’s buyout amid break-up rumors
Playtech has referred to the rumors in the media about possible breakup if Asian stockholders fail the trade.
On 2 February, Playtech is going to host an official meeting for the stakeholders to vote on a takeover bid of 680 pence-a-share by Aristocrat.
As Sky News states, the council of the London-listed company is concerned that the Asian stakeholders are going to vote down the acquisition deal of Aristocrat costing £2.7 billion. It’s worth mentioning that Asian investors possess around 15 percent of the shares.
The official meeting of Playtech investors has been postponed twice as Playtech executive board gave time to JKO Play to announce its exact intention to make an offer or withdraw.
According to Sky News, JKO withdrew its takeover bid because of the concerns of vote-down by Asian investors.
The financial advisors of the company have conducted a plan for securing an auction and break-up of its software and B2B assets, together with Snaitech Italia gambling business.
Today, the board of Playtech reported a statement covering the rumors referring to its future strategy.
The statement reads:
“The governance of Playtech affirms its preference of voting in favor of the Aristocrat’s offer. Despite the notable advancement of the business, we find Aristocrat’s offer a perfect opportunity for boosting Playtech’s value”.