Following JKO Play’s decision to retract its bid, Aristocrat Leisure has reaffirmed its proposal to purchase Playtech.
With the departure of the Eddie Jordan-led group, Aristocrat took the chance to emphasize its existing offer. The firm released a statement reiterating its cash acquisition proposal in reaction to JKO Play’s withdrawal.
The corporation reminded Playtech investors that their offer was now the sole one on the table, given JKO’s absence. They stressed that their offer provided “complete and equitable value” as well as “appealing cash certainty.”
“Despite the fact that the offer has been available for nearly three months and a deadline extension, no other offers have been received,” the company said, emphasizing the strength and certainty of their proposal. “Aristocrat also verifies that the regulatory clearance procedure is proceeding as planned, and the company is dedicated to finalizing the acquisition as quickly as feasible.”
On October 17, 2021, the boards of directors of both businesses announced the proposed cash acquisition of Playtech for 680 pence ($9.22) per share. However, JKO Play expressed interest in an acquisition in November, indicating a possible bidding battle. With their withdrawal, Aristocrat is now well-positioned to finalize the purchase.
The proposed acquisition of Playtech by Aristocrat collapsed when JKO Play retracted their offer. Although speculation circulated about Jordan (presumably Michael Jordan) obtaining substantial funding from Vikrant Bhargava for the purchase, it failed to come to fruition.
Aristocrat, remaining assured in their bid, pressed Playtech stakeholders to view their proposition positively, emphasizing that numerous key investors had not yet disclosed their stance. They firmly advised all shareholders to endorse the acquisition at the forthcoming shareholder gathering slated for February 2, 2022.
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