JKO Play wins January 26 deadline for Playtech offer

JKO play has been given an extended deadline to announce its firm intention to make an offer for Playtech or withdraw its acquired rights, after the latter has adjourned a meeting of shareholders to approve Aristocrat£ 2.7 billion transaction.

After it was confirmed this week that shareholders’ meetings to approve the offer will be adjourned until February 2, 2022, JKO Play received an extension to the date that was previously set for 5 p.m. on January 5, 2022.

Following the adjournment, the UK Takeover Panel ruled that the company now has until 5 p.m. on January 26, 2022, the seventh day before the date of the adjourned general meetings, to disclose a firm intention to make an offer or announce that he does not.

This period will cease to apply if, before this period, a third party other than JKO displays a firm intention to make an offer for Playtech.

Aristocrat himself said he “is pleased to note the recent recommendations to Playtech shareholders from proxy advisors to vote in favor of all resolutions to implement the recommended acquisition.”

In addition, the Australian-listed gaming group adds that the regulatory approval process “remains on track” and is “committed to finalizing the acquisition as soon as possible.”

In November 2021, it was confirmed that JKO, led by the former Formula 1 team owner Eddie jordan and former executive of the Scientific Games Keith o’loughlin, had become a third potential contender for Playtech, as reports circulated that a £ 3bn counter-offer could be in the works.

However, Aristocrat has always remained 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 during the 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.

If JKO indicated that it did not intend to pursue its initial acquisition interests, the Aristocrat transaction was expected to be finalized in the second quarter of 2022.

Also in December, Playtech shareholders approved the sale of the company’s financial trading division, Finalto, at Gopher Investments, meeting one of the key conditions of the possible takeover of the company by Aristocrate.

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 first signaled his potential interest. .