Playtech Plc’s deadline to JKO Play for acquisition offer
JKO play, the consortium led by Eddie Jordan, a former F-1 team owner, and Keith O’Loughlin, a business partner, had shown its interest in the FTSE250 technology group a while ago. It sought accessibility to specific due diligence data on November 17 to present its upcoming proposal.
JKO, which has yet to reveal its position, competes alongside ASX gambling firm Aristocrat Leisure’s £2.7 billion bid, accepted by Playtech governance on November 12. Looking at it now, Aristocrat will approach Playtech shareholders with an offer of 680 pence per share during the next general meeting of the corporation.
Aristocrat has so far dodged a bidding battle in its pursuit of Playtech. Gopher Investments, a Hong Kong-based firm owning a 5% stake in Playtech, withdrew its offer proposal at the end of November. Aristocrat also cleared a crucial transaction obstacle when Playtech agreed to sell its Finalto financial trading operation to Gopher.
According to industry observers, JKO will need to provide a minimum £3 billion financial package to influence Playtech’s board of its approaches.
The board of directors of Playtech Plc issued the following statement:
“JKO must, by 5.00 pm on January 5, 2022, being the seventh day before 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. 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”.
Aristocrat, who strives to create a global gambling outright leader in gambling technologies, both retail and online, has highlighted its agreement that the ASX firm has obtained rights on an £865 million stock raise to solidify its all-cash purchase clear Playtech’s current £600 million debt notes.