Landmark purchase anticipating collapse
It seems that the iGaming giant Playtech is having trouble with its acquisition by Aristocrat. In October 2021, Aristocrat made a 2.7 billion offer to purchase Playtech but it seems like this is unlikely in the current circumstances.
Playtech announced that they failed to get shareholder approval for its takeover by Australian betting company Aristocrat after investors voted against the deal.
75% approval not met
On Wednesday, Playtech stated that a count of proxy would not meet the 75% threshold needed to approve this transaction with another shareholder meeting due to be held today.
If the final vote does not meet the threshold, then the purchase will not proceed. However, if this does meet the threshold, then the purchase could close during the year's second quarter.
“No definitive agreements have been reached,” says Playtech
Playtech's board added that it has been “actively considering its options for maximising shareholder value in a scenario where the Aristocrat offer does not proceed and lapses.”
It concluded with: “Shareholders are advised that no definitive agreements have been reached and negotiations are ongoing, and there can be no certainty that any definitive agreement will be reached.”
“Confident in our long-term growth,” says Playtech
“Playtech remains in a strong position and continues to perform very well across its core B2B and B2C businesses,” said Mor Weizer, CEO of Playtech.
“This progress reflects the quality of our technology and products and the hard work and commitment of our talented team.”
Weizer concluded: “We remain confident in our long-term growth prospects and, in particular, our ability to benefit from the structured agreements (including Caliente) that are already allowing Playtech to access newly opened gaming markets.”