Playtech to challenge Central Bank of Ireland's opposition to Ava Trade takeover

Playtech said they will formally challenge the Central Bank of Ireland’s decision to oppose its takeover of Ava Trade.

The FTSE 250 gambling software development company revealed on Monday they had received a letter late on Friday about the bank’s opposition to the deal.

It had sought to clarify and engage with them about the issues raised, believing it could address the issues to the central bank’s satisfaction.

But Playtech announced on Tuesday after the central bank reverted to the company's legal advisers and clarified its position, that they intend to formally challenge the decision.

The company has already received approval from the Financial Services Commission in the British Virgin Islands for the acquisition.