Playtech, JKO ask Takeover Panel for more time on potential bid

Gambling software maker Playtech and potential bidder JKO have asked Britain’s Takeover Panel for more time to declare plans on any takeover offer.

Playtech said it was also postponing court and shareholder meetings relating to a £2.7bn offer by slot machine giant Aristocrat Leisure, previously scheduled for January 12, to February 2.

Australia-based Aristocrat is the current frontrunner to acquire Playtech after the two businesses agreed to a deal in October. However, talks with JKO - a consortium led by Formula One tycoon Eddie Jordan. Jordan and gambling industry veteran Keith O’Loughlin - are still ongoing.

“Playtech and JKO Play have requested the Panel set a revised deadline, aligned to this new date for the shareholder meetings, by which JKO must clarify its intentions in relation to Playtech,” the company said on Wednesday.

In response Aristocrat fired back by saying its recommended bid "remains the only firm offer that has been made for Playtech".

"The recommended acquisition provides attractive value in cash and enhanced regulatory and financial certainty for Playtech shareholders. Aristocrat further notes that any other potential bidders have already had a substantial amount of time to make an alternative proposal for Playtech."

"The decision to further delay the relevant shareholder meetings extends the period of uncertainty for all Playtech." stakeholders.