Playtech postpones shareholder vote on £2.1bn sale to Australian group Aristocrat as discussions with Eddie Jordan’s JKO are ‘progressing’
- Playtech asks for more time regarding potential formal offer from JKO
- Group has also postponed shareholder meeting for Aristocrat deal
London-listed gaming software provider Playtech and potential bidder JKO Play Limited have asked Britain’s Takeover Panel for more time for the latter to firmly declare its intentions on any takeover offer.
Playtech told investors on Wednesday it was also postponing court and shareholder meetings relating to the offer by Australia-based Aristocrat Leisure Limited, previously scheduled for 12 January, to 2 February.
JKO is led by former Formula 1 owner Eddie Jordan and former Ladbrokes executive Keith O’Loughlin. The group formally made a preliminary approach to Playtech in November, seeking access to certain due diligence information, in order to explore a possible bid for the company.
JKO: JKO is led by former Formula 1 owner Eddie Jordan, pictured, and former Ladbrokes executive Keith O’Loughlin
At present, Aristocrat is understood to be the current frontrunner to snap up FTSE 250-listed Playtech after the two companies agreed to a £2.7billion deal back in October.
In today’s statement, Playtech said: ‘Playtech and JKO Play have requested the Panel set a revised deadline, aligned to this new date for the shareholder meetings, by which JKO must clarify its intentions in relation to Playtech.’
It added: ‘Despite any adjournment of the Court Meeting and General Meeting, there remains no certainty that JKO’s approach will result in an offer for the Company, nor as to the terms on which any offer might be made.
‘The Playtech Directors continue to recommend unanimously that Playtech Shareholders vote in favour of the Aristocrat Offer at the Court Meeting and in favour of the Playtech Resolutions to be proposed at the General Meeting.’
Aristocrat’s offer is 680p per Playtech share, payable in cash.
Shares in Isle of Man based Playtech are up 0.21 per cent or 1.50p to 733.00p. A year ago the group’s share price was 422.90p, meaning it has risen over 70 per cent in the past year.
Postponed: Playtech said it was also postponing court and shareholder meetings relating to the offer by Australia-based Aristocrat Leisure Limited