Technology

Playtech pits takeover vote as Eddie Jordan mulls bid

Gambling software group had been due to vote on rival Australian offer next week

Eddie Jordan, whose JKO is in talks with listed gambling software group Playtech about a takeover of the business. Photograph: Anthony Devlin/ PA Wire

Wed Jan 5 2022 - 12:57

Interest from Irish former Formula 1 boss Eddie Jordan has persuaded gambling software group Playtech to push back a shareholder meeting intended to vote on a rival offer for the business.

The listed software group, which numbers Paddy Power and Boylesports among its customers, had been due to hold an extraordinary general meeting next week to approve an offer for the business from Australian slot machine group, Aristocrat Leisure.

But it has now rescheduled the meeting for February 2nd to allow it hold further discussions with JKO Play, which is controlled by Mr Jordan.

The company, which trades on the London Stock Exchange, has a current market capitalisation of £2.2 billion (€2.6 billion). Aristocrat's 680 pence a share offer is well below the current share price of 719 pence.

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JKO, which is headed by Mr Jordan and Keith O'Loughlin, an Irish former executive at US-listed slot machine maker Scientific Games, originally faced a "put up or shut up" deadline from the British takeover panel, which would have required it to declare its intentions by 5pm on Wednesday. However, both Playtech and JKO asked the panel for an extension.

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