The takeover of Playtech by Aristocrat has fallen through after failing to attract enough shareholder support. After other bids were withdrawn, Playtech now seems to be heading for a break-up. Try out relax online pokies right now!
Yesterday Playtech’s shareholders voted on Aristocrat’s takeover bid. Although Abrdn, one of the company’s largest shareholders, expressed their support for the takeover bid, it was clear early on that the takeover could not count on enough support. It was already clear that the required 75% of votes in favour would probably not be achieved based on the proxy votes.
In the end, Aristocrat’s proposal for £6.80 (€8.16) per share could count on a narrow majority of the votes, but a long shot did not reach 75%. Aristocrat’s total bid for the company of around £ 2.7 billion (€ 3.24 billion) was therefore not accepted. iGB reports that some Asian shareholders reportedly felt that the offer undervalued the company and voted against the proposal.
Last week, Playtech’s board of directors said that if the deal with Aristocrat failed, they would break up the company’s consumer-facing business and its business-oriented business. However, both divisions are performing strongly.
After it was announced that the Aristocrat takeover would not go ahead, Asian investment company TTB announced it was exploring the option of a bid for Playtech, iGB reported.
The failure of the Aristocrat takeover is the latest event in an eventful period for Playtech. A year ago, shareholders expressed dissatisfaction with board chairman Milne. In October 2021, Aristocrat appeared to be taking over the provider for £6.80 per share. Although that bid supported Playtech’s board, more interested parties came forward before shareholders could vote. Major shareholder Gopher appeared to be preparing an offer, and Eddie Jordan’s JKO Play also explored options before refraining.
Playtech is a powerhouse in the world of online casinos. Australia supplies the software for the platform on which plenty of casinos is built.