Former F1 boss confirms withdrawal from race to snap up Playtech
Ex-formula 1 boss Eddie Jordan has confirmed he has pulled a potential £3bn takeover bid for Playtech.
Jordan’s investment vehicle, JKO Play, expressed an interest in Playtech in November and was set to offer 750 per share for the firm, which provides technology to gambling companies such as Entain. The offer would have entered JKO into a takeover battle with Australia’s Aristocrat Leisure, whose £2.7bn offer had been recommended to share holders by the Playtech board.
Eddie Jordan said: “our team worked tirelessly to assemble a bid that would create value for Playtech’s shareholders and open an exciting new chapter for the business.
“I’m immensely proud of the energy devoted to this project by our advisory team and partners and of the close relationships we have built. We continue to evaluate a number of opportunities in the gaming and associated technology sectors, where we see exciting growth prospects in a number of international markets,” he added.
Jordan reportedly pulled the offer over concerns that it would be blocked by a group of Asian investors that recently bought a 27 per cent stake in the company, the FT first reported.
Competition in the gambling sector is on the rise as companies look to expand in order to deal with tighter regulations and enter new markets such as the US.
The contest over Playtech has sent shares soaring. However, share price has today tumbled by 12.25 per cent.
Read more: Former F1 boss weighs in on £3bn bidding war for Playtech