Playtech Stock Down After JKO Play Withdraws From Possible Offer

Shares of Playtech Plc (PTEC.L) were losing around 16 percent in the morning trading in London after JKO Play Limited withdrew from a possible takeover offer for the gambling software development company.

In a statement, Playtech noted the announcement by JKO Play confirming that it does not intend to make an offer for the company. JKO is now prohibited from making an offer for the company within six months of today's date.

However, Playtech said its Board continues to recommend unanimously that its shareholders vote in favour of the offer from Aristocrat Leisure Limited at the Court Meeting and in favour of the Playtech Resolutions to be proposed at the General Meeting. The Court and General Meetings are scheduled for February 2.

The company noted that 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.

It was in October last year that Australian gaming content and technology company Aristocrat Leisure agreed to buy Playtech for 680 pence per share in cash.

Gopher Investments, a shareholder in Playtech, also made a preliminary approach, but later withdrew from making the offer.

Following media speculation, Playtech in November last year confirmed that it received a preliminary approach from JKO Play seeking access to certain due diligence information, in order to explore terms on a takeover offer. JKO is a company controlled by Eddie Jordan and Keith O'Loughlin.

In London, Playtech shares were trading at 614.50 pence, down 15.88 percent.

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