21st Jan 2022 08:43
(Alliance News) - Playtech PLC noted an announcement on Friday by JKO Play Ltd which confirmed it does not intend to make an offer to acquire the London-listed company.
Playtech's share price dropped by 14% to 625.00 pence in London on Friday morning.
The confirmation comes before the put-up-or-shut-up date of January 26 - the latest date by which JKO Play had to clarify its position to the Douglas, Isle of Man-based gambling software company - set by the UK Takeover Panel.
Playtech had previously agreed to be acquired by Aristocrat Leisure Ltd in mid-October, but delayed the vote from January 12 to February 2 to give JKO more time to prepare an offer.
The board of the gambling company continues to recommend that shareholders vote to accept the offer from Sydney-listed Aristocrat, worth GBP2.1 billion at 680 pence per share. It is to date the only "firm" offer Playtech has received, noted previously by Aristocrat.
The court and general meetings are still scheduled for February 2. Playtech said "the absence of customary levels of engagement" means the board is entering the meetings unsure of whether some shareholders are supportive of the Aristocrat offer.
By Elizabeth Winter; [email protected]
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