By Sarah Danckert
January 23, 2022 — 1.17pm
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Poker machine maker Aristocrat Leisure is facing an uphill battle to snare control of UK sports betting group Playtech, with large investors in its target not engaging over the $US3.8 billion deal ($5.3 billion) ahead of a vote to approve the offer early next month.
In a statement released late on Friday, Aristocrat called on the Playtech board to push harder to convince shareholders its offer was in their best interests after it emerged several shareholders, including those who had bought into Playtech after Aristocrat made its offer, had not spoken with Playtech. Aristocrat was hoping for a jackpot style win in its bid for Playtech, but now investors are staying silent about the deal.Credit:SMH “Aristocrat further urges the Playtech board to take all available steps to deliver a transaction with Aristocrat that facilitates Playtech shareholders receiving full and fair value for their investment,” Aristocrat said in a statement.
Aristocrat’s harder tone came after potential rival bidder JKO Play announced on Friday evening it would not pursue an offer for Playtech , leaving Aristocrat’s bid as the only offer on the table for Playtech. JKO Play, a consortium of investors headed by Irish businessman and television personality Eddie Jordan, holds a 0.51 per cent stake in Playtech. It had until January 26 to put a rival offer on the table for Aristocrat. Playtech shareholder Gopher Investments withdrew from the bidding war for Playtech in November.
Playtech said in a statement on Friday that it continued to recommend that shareholders take up the Aristocrat offer of 680 pence ($12.83) for each Playtech share held.
“However, a number of material investors have not to date engaged meaningfully about their views on the Aristocrat offer, including certain investors that have disclosed or taken material positions in the company following the announcement of the Aristocrat offer,” Playtech’s announcement said.
“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.”Playtech had […]
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