Playtech, one of the world’s leading providers of software and content for online casinos, has announced that it postponed the shareholders’ vote on the takeover bid the company received from Aristocrat, the Australian developer of casino slot machines and digital games.
Aristocrat announced its offer for Playtech in October 2021. The Australian company was ready to pay 680 pence per share for a total of 2.9 billion U.S. dollars. The price represented a 58 percent premium over the actual Playtech stock price at the time, which was 429 pence per share.
The offer seemed to get the approval of the Playtech board of directors right away, but the news also led to the appearance of a few other suitors. The first rival to appear was Gopher Investments, a company which already held a 4.97 percent stake in Playtech.
However, Gopher Investments later proved that it was only interested in acquiring Finalto, the financial trading division of Playtech. That deal was agreed in December 2021, paving the way for a shareholder vote on Aristocrat’s offer.
The other potential suitor was JKO Play Limited, a company that is led by former Formula 1 team owner Eddie Jordan and former Scientific Games executive Keith O’Loughlin. JKO Play revealed its interest and then said the offer was dependent upon acquiring funding from a private equity fund in the United States.