ONLINE WORLD NEWS Playtech Company Declines Aristocrat’s $3.7 Billion Takeover Bid 2 years ago Iwo Bulski Post Views: 324 Aristocrat Leisure’s bid to purchase Playtech for $3.7 billion seems unsuccessful. The Playtech board of directors supported the acquisition bid made in October, but the shareholders needed to ratify the pact. On Wednesday, Playtech stated that the proxy votes it has received so far indicate that the offer did not garner the required 75 percent threshold to continue. According to reports, more votes favored the proposal than rejected it, with shareholders constituting 43.87 percent of the company voting against it. However, there are no takeover offers available at the moment. Last week, rumors circulated that Playtech would consider breaking up its firm if the Aristocrat merger failed to gain shareholder approval. The board of Playtech indicated on Wednesday that it would consider this option to maximize shareholder value. The corporation will sell its B2C and B2B businesses after obtaining clearance from the investors and regulators. Looking for Greener Pastures Trevor Croker, managing director and CEO of Aristocrat Leisure, spoke about the company’s apparent inability to acquire Playtech. He stated that “developments since the announcement of our offer have been highly unusual and largely beyond Aristocrat’s control.” He indicated that several shareholders had opposed a takeover, jeopardizing the offer’s chances. The group has nonetheless refused to discuss the issue with Playtech or Aristocrat. The gaming firm located in Australia will now consider potential merger and acquisition options, notably in the real money online gaming market. It will share further information about its future intentions to investors at its annual general meeting later in the month. The purchase intended to increase competition in the iGaming provider and online casino live dealer market. After buying a stake for more than the 680 pence bid price, the mystery investors, most likely from Asia, began accumulating shares late last year. According to reports in the local press, they may have a stake of up to 27%. Aristocrat is looking to grow its presence in the real-money online gaming business. It expects total gaming income from the industry to reach US$80 billion by the end of 2022 and US$112 billion by 2025. Multiple Offers on the Table Although other parties expressed strong interest in acquiring Playtech, it appears that their efforts were equally futile. Aristocrat started the bidding in October when it submitted an offer. Gopher Investments, the second-largest stakeholder in Playtech, had expressed interest in making its proposal but pulled out in November. A group led by former Formula One team leader Eddie Jordan had started a £3 billion ($4 billion) buyout bid. JKO Play, on the other hand, indicated on January 21 that it would not proceed with its proposal. This turnaround was purportedly caused by emerging shareholders who opposed a takeover. Source: highstakesdb.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. 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