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Playtech: Proposed acquisition by Aristocrat in doubt

Playtech this morning announced that its proposed acquisition by Aristocrat Holdings is unlikely.

playtech update

And since this update, Gambling Insider can confirm Playtech shareholders did not vote for the merger, with it only receiving 56% backing.

The group initially said the results of its Court Meeting and General Meeting convened in connection with the recommended cash acquisition will not be known until after the meetings have been held, but based on proxy votes received so far, the minimum threshold (75% of those shares voted) needed to approve will not be achieved.

Playtech noted that if this remains the case on the final vote count, the acquisition will not proceed, and the offer period for the company will end.

“Playtech remains in a strong position and continues to perform very well across its core B2B and B2C businesses,” said Playtech CEO Mor Weizer. “This progress reflects the quality of our technology and products and the hard work and commitment of our talented team. We remain confident in our long-term growth prospects and, in particular, our ability to benefit from the structured agreements (including Caliente) that are already allowing Playtech to access newly opened gaming markets.”

Playtech also announced that FY21 results are anticipated to exceed previous expectations. The company stated that since its last trading update in November 2021, it has continued to see a strong performance across both of its core B2B and B2C businesses.

In the former, the group had strong growth in the Americas thanks to Caliente, and also in Europe. And in the latter, Snaitech saw a “very strong performance driven by continued online strength and recovery in its retail business.”

Subsequently, Adjusted EBITDA for the year ended 31 December 2021 is expected to exceed expectations. 

“Our employees are at the heart of our success and have remained cohesive and collaborative despite the continued uncertainty surrounding the company,” a statement from Playtech read. “The hard work and commitment of our people has contributed significantly to this positive trading performance.”

In regards to other strategic opportunity updates, Playtech expects to complete the sale of Finalto in Q2 2022.

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