Eddie Jordan’s JKO Play given deadline for potential formal Playtech bid
Former F1 boss and ex-SG Digital sportsbook chief Keith O’Loughlin have until 5 January 2022 to confirm intentions
The Eddie Jordan-led consortium looking to rival Aristocrat’s swoop to try to acquire Playtech has been given a bid deadline to confirm its intentions regarding an offer.
Jordan’s consortium, JKO Play Limited (JKO), which he is fronting alongside Keith O’Loughlin, former SVP of sportsbook and platforms at SG Digital, initially approached Playtech regarding a potential purchase of the FTSE 250 supplier on 5 November.
At the time, Playtech noted JKO was in discussions with Centerbridge Partners, among others, to seek funding, although no commitment had been made.
According to stock market regulations, JKO has now been given a deadline of 5pm on 5 January 2022 to announce its firm intention to make an offer for Playtech.
That date is seven days before a Playtech shareholder meeting is due to take place.
The regulations also stipulate that the deadline will cease to apply if a third party, other than JKO, announces its firm intention to make a formal bid for Playtech.
The race for the 22-year-old supplier has been hotly contested, with Australia-based Aristocrat submitting a £2.7bn all-cash deal in October, anticipating the takeover to complete in Q2 2022.
Gopher Investments, the Israeli fund that recently completed the purchase of Playtech‘s financial trading branch, Finalto, pulled out of the race last month following the emergence of JKO’s interest.
Playtech currently has a valuation of £2.2bn, down from £3bn a few weeks ago, although its stock is still up 80% the past 12 months due largely to the potential bidding war for the business.