Bidder is out of a three-way takeover battle for gambling technology company Playtech


Bidder is out of a three-way takeover battle for gambling technology company Playtech


Bidders are stepping out of a three-way takeover battle for gambling technology company PlayTech.

Gopher Investments is the second-largest shareholder in Platec, pondering a £ 3bn bid.

But it said yesterday that the offer does not.

Roll of the Dies: Gopher Investments is the second largest shareholder in Platek and is considering a £ 3 billion bid

Instead, it fulfills its commitment to buy Finalto, a financial trading arm of Playtech, for £ 185m.

The decision not to take over leaves Australian gambling firm Aristocrat Leisure and rival bidder JKO Play Holdings in the race for PlayTech, a software maker for online casinos, poker rooms, sports betting and other gambling sites. Gopher’s initial approach came a month after Playtech accepted the offer from Aristocrat, which valued the deal at around £ 2.7 billion.

JKO, a consortium led by former Formula One motor racing chief Eddie Jordan, entered the arena this week.

To win the board’s recommendation, Jordan’s consortium would have to offer at least 748p per share – 10 percent higher than Aristocrat’s. Playtech said this week’s talks with JKO are in the early stages and may not lead to the proposal.

Its share price has been rocketing since it announced a potential relationship with Aristocrat. It trades at 429.2p per share and rose 58 percent when the deal was announced. But investors have suggested that the closing price of last night’s 740p is significantly higher than Aristocrat’s offer and expect higher bids.

Aristocrat said this week that it and Playtech are ‘continuing to work’ on the acquisition, which wants to move ‘quickly’ and have raised around £ 700m for the deal.

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