Hong Kong-based Gopher Investments announced on Friday that it has withdrawn its intention to make a bid for the takeover of Playtech (LON: PTEC), the gaming software company. However, Gopher is still committed to acquire Playtech’s financial trading division, Finalto.
“Today's announcement has no bearing on Gopher's agreement to acquire Playtech's financial trading division, Finalto. Gopher remains fully committed to the Acquisition . The process is ongoing and is expected to complete in H1 2022,” the announcement noted. The Playtech shareholders’ vote to cement the fate of Finalto will be held on December 1.
Many Interested Parties
Aussie gambling equipment maker, Aristocrat Leisure, first made a $3.7 billion all-cash offer last month to acquire Playtech, which was recommended by its board and will be finalized in the shareholders’ voting on January 12.
However, Gopher made a ‘preliminary approach’ earlier this month, seeking access to certain due diligence information to explore terms on which a possible offer for all of the issued and to be issued share capital of Playtech might be made, from which it has now backed out.
Recently, Playtech received another similar preliminary inquiry from a consortium led by JKO, which is controlled by former Formula One team-owner, Eddie Jordan and Keith O’Loughlin, a former executive at U.S. slot machine maker, Scientific Games.
The latest announcement detailed that Gopher's statement to withdraw from the Playtech takeover race is according to 'Rule 2.8 of the Takeover Code'.
However, Gopher reserves the right to set the restrictions aside under certain circumstances that include an agreement with the Playtech board if the Aristocrat’s bid fails; if a third party including JKO makes a formal offer for Playtech; if Playtech announces a 'whitewash' proposal or a reverse takeover; or if a material change of circumstances arises.
