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.

About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.