Playtech withdraws application to buy Ava Trade
Gambling software development company Playtech has withdrawn its application to buy contracts-for-difference broker Ava Trade after the deal was terminated following opposition from the Central Bank of Ireland.
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Playtech said the appeal of the central bank's decision was allowed by the Irish Financial Services Appeals Tribunal, with the consent of the Central Bank of Ireland on the grounds of error in the CBI's decision-making process.
“However, although the application was referred back to the CBI for further consideration, as the proposed acquisition of Ava Trade was terminated by the sellers on 23 November 2015, Playtech has withdrawn its application, bringing this process to a conclusion,” it said.
Playtech announced in early October that it would formally challenge the CBI’s decision to oppose its takeover of Ava Trade.
Late last month, Playtech announced that its proposed acquisition of contracts-for-difference trading platform Plus500 had been scrapped as the company said it would not be able to satisfy the Financial Conduct Authority’s concerns to get approval in time for the deadline.
At 1100 GMT, Playtech shares were up 0.3% at 802.50p.