Aristocrat Leisure Limited, the Australian developer of casino slot machines and digital games, has seen its offer to take over Playtech fall through as the shareholders decided to vote against the takeover bid.
Playtech, one of the world’s leading providers of software and content for online casinos, will most likely proceed to break up its activities and sell them off in parts. In fact, Playtech’s board announced that it had already received proposals for its B2B and B2C subsidiaries.
The majority of the shareholders, around 55 percent, voted in favor of the takeover bid from Aristocrat. However, for the deal to be approved it needed to get approval from at least 75 percent of the shareholders, and that target was missed by a lot.
Before the vote, Abrdn, the third largest shareholder in Playtech, announced that it would support the takeover bid. The opposition came from some Asian shareholders, who considered that Aristocrat’s offer of 680 pence per share undervalued the business. The overall value of the offer was 2.70 billion pounds, and it was submitted by Aristocrat in October 2021.
At that time it seemed the deal would go through but then the vote on the proposal was postponed due to a possible rival bid coming from JKO Play, a company that is led by former Formula 1 team owner Eddie Jordan and former Scientific Games executive Keith O’Loughlin.