JKO Play drops interest in Playtech
Eddie Jordan’s JKO Play has backed out of making a rival bid for the gaming tech provider.
UK.- JKO Play, a business led by Formula 1 team owner Eddie Jordan and former Scientific Games SVP Keith O’Loughlin, has dropped its interest in acquiring Playtech. The company had emerged as a late potential bidder in November after Australia’s Aristocrat had already secured a deal to buy the gaming tech provider
JKO Play received due diligence information and had discussions with Playtech, which postponed its shareholder meeting on the Aristocrat bid as a result. JKO’s original January 5 deadline to make a firm offer was extended to January 26.
JKO said: “The Eddie Jordan Family office and Keith O’Loughlin announce that JKO Play Limited, a 0.51% shareholder in Playtech, does not intend to make an offer for Playtech.”
The decision clears the way for Aristocrat’s £2.7bn acquisition of Playtech, which was agreed in October. Playtech’s directors have unanimously recommended the offer, but how shareholders will vote next month remains to be seen.
Playtech said: “A number of material investors have not to date engaged meaningfully about their views on the Aristocrat offer, including certain investors that have disclosed or taken material positions in the company following the announcement of the Aristocrat offer.
“The absence of customary levels of engagement means that the board is approaching the court and general meetings without a clear understanding of whether these shareholders are supportive of the Aristocrat offer.”
Aristocrat, which had hoped to complete in Q2, said: “Aristocrat further urges the Playtech board to take all available steps to deliver a transaction with Aristocrat that facilitates Playtech shareholders receiving full and fair value for their investment.”
Last week, Playtech launched what it describes as the “largest-scale studio development” in its 22-year history in collaboration with long-term partner bet365.
The development involves two individual studios with 12 seven-seat blackjack tables, two classic single-zero roulette, three baccarat and two all bets blackjack tables.
