Playtech receives interest from Eddie Jordan-led bid
Former F1 owner joins race for the software giant
A consortium fronted by former F1 racing team owner Eddie Jordan has waded into the Playtech takeover battle.
The announcement comes exactly one month after news broke that Playtech had agreed to be acquired by Australian-based B2B giant, Aristocrat, in a A$5bn (£2.7bn) deal. It is also just 10 days since it was confirmed by the board of the Isle of Man-based firm that it had provided Gopher Investments with access to due diligence information.
In a statement, Playtech’s board responded to further media speculation stating that it had received an approach on 5 November from JKO Play Limited (JKO), a consortium fronted by former F1 team owner Jordan and Keith O’Loughlin, former senior vice-president of Scientific Games.
Playtech said that JKO was in discussions with Centerbridge Partners, among others, to seek funding, although no commitment has been made.
News of the third bid saw Playtech’s share price rise by nearly 4.5% to 774p on Thursday (11am), while the stock has soared a remarkable 13.49% (from 678.50p) since the news of Aristocrat’s approach on 18 October.
Speaking at the Aristocrat shareholder presentation on 17 November, CEO Trevor Croker stated: “Aristocrat’s offer of 680p per share in cash provides full and certain value by Playtech shareholders.”
He added: “The proposed acquisition has been unanimously recommended by the Playtech board and, in addition, we received remarkable undertaken and relative intent supporting the transaction from Playtech shareholders.”