Aristocrat and Playtech will delay shareholder meetings regarding any merger amid ongoing interest from JKO Play.
Aristocrat initially announced an offer made for Playtech on 18 October 2021, when Aristocrat said the terms of a recommended cash acquisition of Playtech would pay £6.80 ($9.21) for each Playtech share.
Now, Aristocrat suggests it will further delay its shareholder meetings in relation to the recommended acquisition from 12 January 2022 to 2 February 2022.
This update has resulted in the UK Takeover Panel moving the latest date by which time JKO Play must clarify its position to 5:00pm GMT on 26 January 2022.
By that time, JKO is expected to announce its plans of either making an offer for Playtech (under Rule 2.7 of the UK Takeover Code) or of confirming that it does not intend to make an offer for Playtech.
So far, Aristocrat’s recommended acquisition is the only firm offer Playtech has received. Because of the recommended acquisition.
Aristocrat suggests other potential bidders have already benefited from a significant amount of time to make a different offer for Playtech, arguing that the decision to further delay the relevant shareholder meetings only extends the period of uncertainty for Playtech’s shareholders.
Additionally, the company noted that the regulatory approvals process has remained on track and added that it is committed to completing the acquisition as quickly as possible.
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