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.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI