Gopher backs down bid to purchase software developer Playtech

Gopher backs down bid to purchase software developer Playtech

Gopher Investments has declared that it would not make an offer for Playtech, the group released a statement on Friday, Nov. 19.

This came after the former confirmed last month that it had exploratory talks with the gaming technology provider regarding a potential takeover.

Gopher Investment steps back

Gopher Investment, which owns 4.97 percent of Playtech, made a move in response to a £2.7 billion offer from Australian-listed gaming manufacturer Aristocrat Leisure.

Gopher asserts that its statement is subject to Rule 2.8 of the Takeover Code but maintains the ability to waive the restrictions in various circumstances.

These are with the board of directors’ approval, if a third party makes a solid offer, if the company makes a ‘whitewash’ proposal or a reverse takeover, or if there has been a fundamental change in circumstances.

“Today’s announcement has no effect on Gopher’s plan to acquire Playtech’s Finalto financial trading operation. Gopher is “completely committed to the acquisition,” according to a media statement.

“The procedure is now underway and is scheduled to conclude in H1 2022.”

Playtech Acquisition Saga

Playtech received an initial approach from a third potential acquirer earlier this week, with JKO Play, helmed by former Formula 1 team owner Eddie Jordan and ex-Scientific Games executive Keith O’Loughlin, exploring a competing offer.

The group is collaborating with US private equity company Centerbridge Partners on institutional debt and structured capital financing, with media sources indicating that a £3 billion
counterbid is possible.

According to the business, it is “seeking access to specific due diligence information in order to investigate the terms on which JKO might make an offer for Playtech.”

Playtech stated that “discussions with JKO are in their infancy, and there can be no assurance that JKO’s approach would result in a definitive offer for Playtech or the terms on which such
firm offer may be made.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.