Playtech rejects the pre-agreement for its acquisition by Aristocrat
Aristocrat, one of the largest and most important slot machine producers on the market, had made a great effort, and not a small economic offer, to get hold of Playtech, the well-known casino software developer that stands out for its series of videoslots with incredible jackpots. The deal seemed closed and just had to go through the shareholders' meeting. A group of them got enough support to block the deal. Playtech is still looking for a buyer.
Australian slot maker Aristocrat will not take over Playtech. The shareholders of the British firm rejected the preliminary agreement reached. Playtech is still looking for a buyer. ©pattyjansen/Pixabay
In this case, the Playtech shareholders' meeting was more than just a formality to seal the commitment that had been agreed by the board to its acquisition by Aristocrat . The agreed sum amounted to 2,840 million dollars, a figure undoubtedly important but that does not seem to have satisfied a group of shareholders who organized to block the agreement. Finally, at the shareholders' meeting only 55% of them supported the integration, below the 75% required to ratify the acquisition .
Playtech is still looking for a buyer
At a time in the igaming industry when there are business agreements and integrations whether Playtech is absorbed only seems to be a matter of time. In January, the investment holding company of former Formula 1 driver Eddie Jordan JKO Play showed its interest in taking over Playtech, which caused a delay in the shareholders' vote on the acquisition by Aristocrat.
Jordan's offer did not go through, but it seems that investors in the Asian market they have set their sights on the lucrative software firm based on the British Isle of Man. After the shareholders' rejection of Aristocrat's offer became known, Playtech shares rose by 5% on the stock exchange. The revaluation is linked to a possible future agreement with some investor.
Playtech is one of the jewels of the igaming market and a tremendously profitable company . Their Quantum live roulette is one of the most preferred by players. In New Zealand, this is proven the figures published by the DGOJ what has stood out for roulette live an annual growth of almost 23% already surpassing conventional roulette.
Another of the most outstanding games of Playtech have been its titles with jackpots, being the Age of the Gods series an authentic hit in the online casino market.
What has transpired is that two important shareholders with interests in Hong Kong and throughout the Asian market and who are among the 10 largest shareholders of Playtech would have been the ones who would have initiated the refusal to ratify the agreement between the board of Playtech and Aristocrat. Whether these shareholders were already preparing a business offer with another partner we will know in the coming months.
For now, the CEO of Playtech Mor Weizer would have endorsed an offer presented by the investment group TTB Partners from Hong Kong. The offer that TTB would be willing to present and that the Playtech executive is willing to study it would eclipse the price per share offered by Aristocrat . That being the case, it makes one wonder if Aristocrat's movement has been just a lure to attract a bigger fish.
