A lot of news outlets have been talking about the possible acquisition of Playtech by the influential gambling industry provider Aristocrat, which was originally planned in October of last year. However, the deal has not gone through, as less than 75 per cent of the shareowners have voted in favour of it. Now, Playtech executives have to look for alternative options for the company.
Why Did the Deal Fail?
The company that did not get acquired as planned has spoken out on the recent events. The representatives of the group confirmed that almost 55% of the holders have voted for the acquisition, and it was not enough for the successful outcome of the operation.
Aristocrat's officials have also issued a statement on the matter. They pointed out that the agreement was expected to fail all along, and alternative options will now have to be explored.
Comments from Aristocrat
The representative of Aristocrat, Trevor Croker, expressed his disappointment about the unsuccessful deal result. For this, he mostly blamed a certain number of stakeholders that were unwilling to communicate with either his company or the potential partner. Even though Playtech's board of directors was in full support of this deal, the votes from the non-content part of shareowners have negatively impacted the fate of the agreement.
Aristocrat's officials are upset at the fact that, according to eventual disclosure of the votes, the decisions from them have arrived following the official recommendations for acquisition made by Playtech's board.
What is Next for Playtech?
Even though the highly anticipated acquisition has not ended successfully, Playtech still has lucrative prospects lining up. Before, it was universally predicted that there will be a solution for the group in case it does not work out with Aristocrat. This decision included separating the company into multiple parts and selling them to various purchasers one by one.
However, the alternative options have presented themselves not long after the original deal failed. It came to light that Gopher Investments, which was one of the groups that originally had intentions to acquire Playtech but dropped out of the race, made an offer once again. This company has asked the possible partner to reevaluate the restrictions in its merger policy so it could make an official inquiry.
It is known that after the failed agreement with Aristocrat, the Playtech shares have jumped up by 8.3 per cent. The group is open to working together with Gopher, complying with their requests that can make the merger possible eventually. Aside from that, Gopher has already started the process of purchasing a Playtech-owned trading subsidiary.
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