8th Dec 2015 10:30
LONDON (Alliance News) - Playtech PLC on Tuesday said it has withdrawn its application to acquire contracts-for-difference broker Ava Trade, following termination of the deal after it was met by opposition from the Central Bank of Ireland.
The gambling software company said the appeal of the central bank's decision was allowed by the Irish Financial Services Appeals Tribunal, with the consent of the Central Bank of Ireland, "on the grounds of error in the CBI's decision-making process".
"The appeal therefore succeeded. In these circumstances, the matter was remitted to the CBI for reconsideration and a new decision," Playtech said.
Given that the sellers of Ava Trade terminated the proposed acquisition on November 23, Playtech said it has "withdrawn its application, bringing this process to a conclusion".
As well as costing Playtech the USD5.0 million deposit paid on agreeing to acquire Ava Trade, the central bank's opposition to the deal was a blow to the company's aim of growing its new financials segment.
Shares in Playtech were up 0.2% to 801.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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