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Will Playtech Break Up if Aristocrat Deal Fails?

Playtech Break Up if Aristocrat Deal

Rumours are swirling that the gambling tech giant, Playtech would consider breaking up and selling its business should it not have the backing of shareholders for its potential acquisition by the Australian gambling company, Aristocrat.

Playtech was forced to issue a response to the media yesterday after Sky News reported that the group was exploring a £2 billion break up to sell off its operations should a shareholder vote on the Aristocrat deal fails next week. If Playtech adopts this idea, its business-to-business division and its Italian arm, Snaitech could be sold as separate entities.


Sky News wrote that directors, led by Playtech’s chairman Brian Mattingley, are concerned that a “group of Asian investors which own roughly a quarter of Playtech's stock could vote in concert to prevent the Aristocrat deal going through.”

If this happens, Playtech’s board, as well as its advisors at Wells Fargo, Jefferies and Goodbody, are said to be involved in making plans to auction the group’s operations in separate segments.

Playtech Encourages Shareholders to Vote for Aristocrat Acquisition

The Aristocrat acquisition, valued at £2.1 billion, requires the approval of 75% of voting shareholders.

A spokesperson for Playtech said: “The board reiterates its recommendation that shareholders vote in favour of the offer from Aristocrat. Whilst Playtech has made significant strategic and operational progress and is in a strong position for the future, Aristocrat's proposal provides an attractive opportunity for shareholders to accelerate the delivery of Playtech's longer-term value.”

Last week, Playtech said that it was still uncertain how some shareholders would vote at the official Aristocrat bid meeting, scheduled for February 2nd.

The group said that some of the group’s main investors “have not engaged meaningfully about their views on the Aristocrat offer.

“The absence of customary levels of engagement means that the board is approaching the court and general meetings without a clear understanding of whether these shareholders are supportive of the Aristocrat offer,” added the London-listed Playtech.

Road to Acquisition Hasn’t Been Smooth

Aristocrat is the only party seeking to acquire Playtech, but it wasn’t always like that. Since the Australian slot machine manufacture brokered a deal to acquire Playtech in October 2021, at least one other party entered the race.

The most significant was JKO Play, a business started by the former Formula 1 team owner Eddie Jordan and his partner, the industry veteran, Keith O’Loughlin.

Playtech even postponed a shareholder meeting where approval for an Aristocrat offer would have been voted on, just to allow JKO play some extra time to make a bid.

In the end, JKO Play was given until January 5th to submit its bid, but clarified its final position on January 21st that it would be withdrawing from the process.

“The Eddie Jordan Family office and Keith O’Loughlin announce that JKO Play Limited, a 0.51% shareholder in Playtech, does not intend to make an offer for Playtech,” JKO Play said in a brief media statement when announcing its intention to pull out of the race.

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