Aristocrat's GBP2.1 Billion Playtech Bid Defeated by Shareholder Vote -- Second Update

By Kyle Morris

Playtech PLC said Wednesday that Aristocrat (UK) Holdings Ltd.'s recommended 2.1 billion pounds ($2.84 billion) offer failed to attract the minimum threshold required for approval at a shareholder vote.

The gambling-technology company said the bid attracted 55% of votes in favor at the general meeting and has therefore been terminated.

Playtech said earlier on Wednesday that the threshold of 75% of shareholder votes needed to approve the deal wasn't expected to be achieved, based on proxy votes.

Aristocrat said in a separate statement also earlier Wednesday that, based on proxy votes, it understood that a majority of votes cast were in favor of Aristocrat's recommended acquisition. However, it said the deal was effectively blocked by a number of investors who hadn't engaged meaningfully in the process.

"We are disappointed that our recommended offer to acquire Playtech PLC is expected to lapse. Notwithstanding extensive due diligence on Aristocrat's part, developments since the announcement of our offer have been highly unusual and largely beyond Aristocrat's control," Aristocrat Chief Executive Trevor Croker said.

On Oct. 17, Playtech said it had agreed to the cash takeover offer of 680 pence a share from Aristocrat.

Playtech also said it is considering proposals from third parties for its B2B and B2C businesses. No definitive agreements in regards to these have been reached and negotiations continue. There can be no certainty that any definitive agreement will be reached, it said.

The company said it has continued to see a strong performance across both its core B2B and B2C businesses.

Write to Kyle Morris at [e-mail]

(END) Dow Jones Newswires

February 02, 2022 09:14 ET (14:14 GMT)

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