Australian gaming company Aristocrat’s bid for gambling software company Playtech fell through on Wednesday, February 2, after the British company’s shareholders rejected the US$2.84 billion offer.
Australian gaming company Aristocrat had needed approval from 75% of Playtech shareholders at Wednesday’s meeting, but less than 55% of votes were cast in favor of the deal, reported Reuters.
Playtech’s share price rose 5% by 1348 GMT after the London-listed company stated it was considering other approaches, without elaborating.
Merger and acquisition business in the gaming and gambling sector has been brisk since the onset of the COVID-19 pandemic, with lockdowns boosting the popularity of online gaming.
Many of the takeover targets have been UK bookmakers, with suitors looking to acquire British expertise in the field. Ladbrokes-owner Entain has staved off two approaches from US rivals in the past year.
Playtech sparked interest from multiple players last year. It was approached by Hong Kong-based investor Gopher, its No.2 shareholder, and JKO Play consortium, led by former Formula One team boss Eddie Jordan.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.