In the United Kingdom and online casino games developer Playtech has reportedly issued JKO Play Limited with a ‘put-up or shut-up’ notice as it prepares to potentially ponder takeover approaches from multiple parties.
According to a Tuesday report from a source, the brusque move from the board of the Isle of Man-based firm comes after JKO Play Limited lodged an initial purchase approach on November 17 and was subsequently granted permission to see confidential company information as part of a due diligence exercise. However, the innovator purportedly revealed that it has yet to hear back from the interested buyer, which is run by former Formula One supremo Eddie Jordan and gambling industry veteran Keith O’Loughlin, so has now been forced to establish a firm final deadline of January 5.
As things currently stand, Australian gaming machines innovator Aristocrat Leisure Limited is reportedly the lead runner in the race to acquire Playtech after it unveiled a formal deal worth in October worth approximately $3.7 billion. This oven-ready proposition would purportedly see investors in the latter firm receive about $9.33 for every share they hold in the London-listed behemoth so as to create the world’s outright leader in the provision of retail and online gambling technologies.
But Aristocrat Leisure Limited reportedly divulged last month that it could well face stiff competition for Playtech’s business in the form of Hong Kong-headquartered investments vehicle Gopher Investments. This affiliate of TTB Partners Limited purportedly already holds a 4.97% stake in its potential prey and is widely thought to be preparing to float as offer worth as much as $4.06 billion following the completion of its own due diligence examinations.
Reportedly read a filing from the leadership of Playtech…
“JKO Play Limited must, by 5pm on January 5, 2022, being the seventh day prior to the date of the shareholder meetings, either announce a firm intention to make an offer for Playtech under Rule 2.7 of the code or announce that it does not intend to make an offer for Playtech. This deadline will cease to apply if, before that time, a third party other than JKO Play Limited has announced a firm intention to make an offer for Playtech under Rule 2.7.”
As things stand and the source reported that only the official bid from Aristocrat Leisure Limited is set to be considered by Playtech investors at a special general meeting scheduled for January 12. To be in with a shot of securing the iGaming giant and JKO Play Limited will purportedly be obliged to at least meet this proposition and any competing proposal that may appear from Gopher Investments.