FILE PHOTO: Former race driver Eddie Jordan of Ireland arrives at the track ahead of the third practice session of the Singapore F1 Grand Prix at the Marina Bay street circuit in Singapore September 21, 2013. REUTERS/Tim Chong ((Reuters) – Former Formula One team boss Eddie Jordan has pulled out of a potential bid to buy gambling software maker Playtech Plc because he is concerned that a group of Asian investors that recently bought in to the company would block the deal, the Financial Times reported on Thursday.
Jordan’s JKO Play Ltd had been set to propose an offer of 750 pence per share for Playtech, but now plans to publish a statement on Friday morning announcing its intention to pull out, the newspaper said here, citing three people involved in the process.
Britain’s Playtech had received a takeover here approach from the company in November, the third expression of interest, setting the stage for a potential bidding battle.
JKO’s approach for the gambling software maker followed here a 2.1 billion pound ($2.86 billion) bid by Australia’s Aristocrat Leisure Ltd, whose offer has been recommended to the company’s shareholders. Aristrocrat Leisure has offered 680 pence per Playtech share.
Gopher Investments, Playtech’s No. 2 shareholder, walked away here from a potential three-way takeover battle in November, saying it was committed to a separate deal to buy a portion of the business.
JKO and Playtech declined to comment on the matter.
($1 = 0.7350 pound)
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Home » Analysis & Comment » Former F1 team boss Jordan pulls out of race to buy Playtech -FT
Former F1 team boss Jordan pulls out of race to buy Playtech -FT
(Reuters) – Former Formula One team boss Eddie Jordan has pulled out of a potential bid to buy gambling software maker Playtech Plc because he is concerned that a group of Asian investors that recently bought in to the company would block the deal, the Financial Times reported on Thursday.
Jordan’s JKO Play Ltd had been set to propose an offer of 750 pence per share for Playtech, but now plans to publish a statement on Friday morning announcing its intention to pull out, the newspaper said here, citing three people involved in the process.
Britain’s Playtech had received a takeover here approach from the company in November, the third expression of interest, setting the stage for a potential bidding battle.
JKO’s approach for the gambling software maker followed here a 2.1 billion pound ($2.86 billion) bid by Australia’s Aristocrat Leisure Ltd, whose offer has been recommended to the company’s shareholders. Aristrocrat Leisure has offered 680 pence per Playtech share.
Gopher Investments, Playtech’s No. 2 shareholder, walked away here from a potential three-way takeover battle in November, saying it was committed to a separate deal to buy a portion of the business.
JKO and Playtech declined to comment on the matter.
($1 = 0.7350 pound)
Source: Read Full Article