20th Aug 2021 11:18
(Alliance News) - The consortium led by Barinboim Group to buy Playtech PLC's financial trading division said it was "disappointed" by the decision of Playtech's shareholders to reject the bid.
At the gambling software company's general meeting on Wednesday, shareholders voted 68% against the deal to sell the Finalto business for USD210 million, to a consortium led by Barinboim Group and members of the division's management team.
The rejection left an opening for rival bidder, Gopher Investments to re-enter talks with Playtech over its USD250 million offer. Gopher on Thursday said it hopes "to complete the acquisition in an expedient and transparent manner."
Nevertheless, the Barinboim-led consortium maintained that its deal was the best option for the company.
In an emailed statement to Alliance News late on Thursday, the consortium said it "firmly believes that the deal, negotiated after an onerous 18-month process led by UBS, involving extensive regulatory, financial and tax diligence, represents the only transaction capable of withstanding regulatory scrutiny and being concluded in the near term without material disruption and damage to the Finalto business."
From Wednesday, the consortium has 30 days to re-enter the sale and purchase agreement.
"If Playtech has not managed to enter into a fully binding agreement with Gopher within the next three weeks, it will be clear that Gopher’s interest is not genuine and the only credible transaction capable of concluding in the near term would be to the consortium," it added.
Shares in Playtech were trading up 0.2% at 392.20 pence each in London on Friday morning.
By Scarlett Butler; [email protected]
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