JKO Play postponed the January 5 deadline for the Playtech offer
JKO play was given a deadline of 5 p.m. on January 5, 2022, either to announce a firm intention to make a takeover bid on Playtech or withdraw from the race to acquire the business.
It was confirmed last month that the group, led by the former Formula 1 team owner Eddie jordan and ex-Scientific games executive Keith O’Loughlin, had become a potential third Playtech suitor, as reports circulated that a £ 3bn counter-offer could be in the works.
However, Aristocrat remains the leader in securing any potential deal after entering in October, with an offer that values the company at £ 2.7bn, or 680p per share, a 58% premium on its closing price on the market. previous week.
If he succeeds in acquiring the company, Aristocrat has expressed his intention to leverage his new Snaitech division to “operate and innovate” in Europe, while also aiming to increase revenue, expand customer base and provide material scale. in online games.
This latest update saw the UK Acquisition Panel impose the aforementioned deadline on JKO Play, which would cease to apply if a third party announced their intention to participate in the auction.
While JKO indicates that it does not intend to pursue its initial acquisition interests, the Aristocrat transaction is expected to close in the second quarter of 2022.
The publicly traded Australian game maker has always maintained its confidence in the strength of its proposition, with Trevor Croker, Managing Director of Aristocrat Gaming, welcoming the possibilities that may arise for the potentially enlarged group in a November financial update.
“We believe Aristocrat’s offering provides compelling value and increased regulatory and financial security for Playtech shareholders, while the combined group will also provide greater opportunities for Playtech employees in a leading global organization.” , he noted.
Earlier this month, Playtech shareholders approved the sale of the company’s financial trading division, Finalto, to Gopher Investments, meeting one of the key conditions for the possible takeover of the company by Aristocrat Leisure.
Gopher, a 4.97 percent shareholder in Playtech, had also previously indicated his interest in pursuing his own counter-offer for the company, before pulling out of the race a day after JKO signaled his intentions.