Playtech continues acquisition talks with JKO Play
Playtech, world leading provider of online gaming and sports betting, has delayed the meeting of stockholders approving the acquisition of it by the Aristocrat, top publisher of gaming content. The meeting was postponed for continuing discussions with JKO Play about the opponent’s proffer.
In October 2021, Australia-based gaming publisher made a contract to possess Playtech with around £2.70 billion. The official meeting of stockholders was to take place on January 12. But the meeting was postponed to 2 February, so JKO gained more time to affirm its terms of ownership proposal.
JKO Play appeared officially as a buyer for Playtech in November 2021, after which it started to engage with Playtech.
As Playtech mentions, JKO Play asked for more time to process its acquisition offer. Discussions between the two companies have been progressing.
Before, a deadline of 5 January was given to JKO Play for approving the proposal of the company. But the deadline was pushed back to January 12, the day when the official meeting was organized.
“Taking into consideration the circumstances, the council believes that postponing is the right choice due to which JKO has much time to reconsider its intention of owning the company”.
Playtech also mentioned that its authorities unitedly recommend stockholders to vote in favor of the Aristocrat’s offer, believing that it will result in more liquidity and clarity.
The acquisition contract was expected to be in act by the Q2 of 2022.
Among the bidders was Gopher who showed an interest in the company, but took back the proposal two weeks later.