Another player in the bidding war over Playtech has entered the scene. The gaming software company today confirmed that JKO Play Limited has sent a preliminary inquiry, seeking access to certain due diligence information to explore the terms of a possible offer.
The company also confirmed that JKO has been granted access to the requested information. At this moment, there is no certainty that JKO’s approach will result in an offer, the official announcement noted.
Playtech said:
Discussions with JKO are at an early stage and ongoing. As such, there can be no certainty that JKO’s approach will result in an offer for the Company, nor as to the terms on which any offer might be made.
JKO’s interest follows a £2.7 billion acquisition offer made by Australian gambling equipment maker, Aristocrat Leisure. Gopher Investments, the largest Playtech shareholder that recently bought Finalto, also made an offer to acquire Playtech.
JKO is currently in discussions with Centerbridge Partners L.P and others for the provision of capital funding for the acquisition of Playtech.
Despite the competing bids by two companies already, Playtech and Aristocrat are continuing with the acquisition process. However, the final decision will be made by Playtech’s shareholders on 12 January.
Aristocrat stated:
Aristocrat believes that the terms of the recommended acquisition and the compelling strategic rationale provides certainty for Playtech shareholders with no contingent value or other complicated structures for shareholders to realise value. Aristocrat also believes that the combined group will provide greater opportunities to Playtech employees.
