Britain's Playtech to sell trading unit to major investor Gopher

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  • Added: January 25, 2022

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Nov 18 (Reuters) – Britain’s GM8 said it has received a takeover approach from a group led by former Formula One boss Eddie Jordan, the third such interest in the gambling software maker, setting up a potential bidding battle.

July 9 (Reuters) – Gopher Investments, one of Playtech’s biggest shareholders, said on Friday it has offered $10 million to the gambling software maker as breakup fee, if the company accepts its $250 million offer for GM8’s financial trading unit.

Aristocrat highlighted GM8’s ‘real money gaming’ experience and its platform capabilities as key drivers of the deal.

The business, which develops software for online casinos and betting websites, was founded in 1999 by Israeli tech and property billionaire Teddy Sagi

London-listed GM8’s shares fell 16% on Friday after a company related to Jordan, FTB Ltd, said his JKO Play consortium did not plan to make an offer for Playtech.

It did not give a reason for the decision.

positions (it) to complete the transaction as planned in the second quarter of calendar year 2022,” the Sydney-listed company said on Monday. “Aristocrat’s long-term engagement with regulators across key gaming jurisdictions, together with strong financial fundamentals …

The rush of interest in Playtech comes during a year of increased deal-making in the industry as the United States opens up to sports betting and potential bidders assess British gambling expertise.

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Playtech shares fell 0.3 per cent, or 2p, to 729.5p but remain well above the 680p offer from Aristocrat as investors bet a higher bid will emerge – either from the Australians to sweeten their deal, JKO or a rival.

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JKO is seeking access to due diligence information in order to explore the terms of a potential takeover offer, Britain’s Playtech said in a statement, the latest in a series of takeover interest for the firm.

Nov 8 (Reuters) – London’s FTSE 100 inched higher on Monday, led by energy and mining stocks, while online gambling firm Playtech jumped after receiving a takeover bid from its second-biggest shareholder.

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online game betting site push to limit

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