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Aristocrat reiterates Playtech position after JKO Play withdrawal

Aristocrat has said regulatory approvals remain “well on track” for its acquisition of Playtech, after rival JKO Play withdrew its bid.

AristocratPlaytech

With Eddie Jordan’s consortium out of the race, Aristocrat has taken this opportunity to restate its takeover bid. In response to JKO Play’s departure, the operator published a statement reiterating its recommended cash acquisition offer.

It reminded Playtech’s shareholders that, after JKO’s withdrawal, it is now the sole bidder, and said its offer provides “full and fair value”, as well as “attractive cash certainty.”

“The Playtech board recommended acquisition remains the only firm offer available to Playtech shareholders, despite the substantial amount of time provided to potential bidders to make alternative proposals,” stated the company. 

“Aristocrat further confirms that the regulatory approvals process remains well on track, and it is committed to completing the acquisition as quickly as possible. 

“Aristocrat reiterates that the terms of the recommended acquisition provide full and fair value for Playtech shareholders, with attractive cash certainty.”

The boards of both companies announced a recommended cash acquisition of Playtech on 17 October 2021 for £6.80 ($9.22) per share. However, in November, JKO Play expressed its interest in an acquisition, presaging a potential bidding war.

But this did not come to pass, and never will after JKO’s decision to drop its interest, despite reports that Jordan had secured funding for his multi-billion dollar bid from Indian-born British businessman Vikrant Bhargava.

In closing, Aristocrat acknowledged certain shareholders who remain reticent regarding their views on its recommended acquisition and urged them to vote in favour of its offer.

It said: “Aristocrat also notes comments in Playtech’s announcement regarding a number of material investors who have not to date engaged meaningfully about their views on the recommended acquisition. 

“Aristocrat urges all Playtech shareholders to vote in favour of the recommended acquisition at the relevant shareholder meetings to be convened on 2 February 2022.”

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