Home » JKO Play Limited pulls out of Playtech bid

JKO Play Limited pulls out of Playtech bid

Kirk Miller
21 April 2022 |
Updated: 21 April 2022

Playtech is a gaming developer famous for slots such as Age of the Gods and King Kong.

In the last several months, the company has been generating attention regarding a takeover.

However, according to the latest news, JKO Play Limited has withdrawn from the race to buy this brand.

JKO Play is a consortium run by big names such as Keith O’Loughlin, the industry veteran, and Eddie Jordan, the former head of Formula One.

The firm had been in contention to acquire the Isle of Man-based software developer in a bid that would “create value for Playtech’s shareholders”.

JKO had until 26th January to enter the takeover process, but pulled out of the deal.

According to Jordan, the reason is that there’s another group of investors whose offer JKO couldn’t match.

JKO currently owns a 0.51% stake in the company and cannot make any new takeover bids for six months.

The consortium became the second suitor that gave up on acquiring Playtech.

Gopher Investments also withdrew its $4bn offer in 2021.

However, despite this, Playtech is likely to get a new owner in 2022.

If there aren’t any new surprises, it will be Aristocrat Leisure Limited.

The Australian gaming corporation plans to acquire Playtech at 680 pence per share.

Aristocrat was the first enterprise to make a bid, though it admitted that it will combine multiple methods to secure funding.

The meetings to discuss the offer, which is worth $2.86bn, will take place on 2nd February.

According to reports, the Playtech board is encouraging its stakeholders to vote in favour of Aristocrat’s offer.

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