Aristocrat Leisure Remains Sole Bidder for Playtech After JKO Play Withdrawal
After JKO Play pulled out of the bidding war, Aristocrat Leisure doubled down on its pursuit of Playtech. The gaming tech powerhouse stressed that the acquisition is moving forward as expected in terms of regulatory green lights.
With its rival out of the running, Aristocrat jumped at the chance to underscore its proposal. Reacting to JKO Play’s departure, Aristocrat released a statement confirming its cash acquisition offer still stands.
The company reminded Playtech stakeholders that, with JKO withdrawing, they are now the only contender. Aristocrat emphasized that its bid delivers “complete and equitable value” and “appealing guaranteed cash.”
“The Aristocrat Proposal is the only concrete offer available to Playtech investors, despite the considerable timeframe given to potential counter-bidders to submit alternative propositions,” the company declared.
“Aristocrat further affirms that the regulatory clearance procedure is on course and is dedicated to finalizing the acquisition as soon as feasible,” it appended.
“Aristocrat restates that the terms of the Recommended Acquisition furnish Playtech shareholders with complete and equitable value for their holdings, in cash, and with appealing guaranteed cash,” the company concluded.
To refresh, the boards of both entities had revealed the recommended cash acquisition of Playtech on October 17, 2021, for a per-share price of 6.80 pounds ($9.22). However, JKO Play’s expression of interest in November suggested a possible bidding contest before its withdrawal.
The suggested acquisition of Playtech encountered an obstacle. Although speculation circulated about Jordan obtaining substantial financial backing from Indo-British entrepreneur Vikrant Bhargava, the JKO Playtech purchase collapsed.
A visibly disheartened Aristocrat emphasized that numerous prominent institutional backers of Playtech had not openly expressed their endorsement of the arrangement. They implored these quiet shareholders to make their voices heard and cast their ballots in support of the acquisition during the forthcoming shareholder gathering scheduled for February 2, 2022.