Sydney-listed gaming supplier Aristocrat has failed in its bid to acquire Playtech after its proposal was unable to secure the required shareholder approval needed to progress the transaction.
Playtech convened a Court Meeting and General Meeting earlier Wednesday in connection with Aristocrat’s recommended £6.80 cash offer.
The total votes in favour of the resolutions were 56.13 per cent at the Court Meeting and 54.68 per cent at the General Meeting, which were below the minimum threshold of 75 per cent needed to approve the resolutions.
As a result, the acquisition of Playtech has been terminated and Playtech is no longer in an offer period as defined by the City Code on Takeovers and Mergers.
Playtech said earlier Wednesday that in the event that Aristocrat’s offer was not approved by shareholders, the company plans to explore other opportunities to unlock shareholder value and is evaluating “attractive M&A proposals” it has received from third parties in respect of its B2B and B2C businesses.
Shares in Playtech plc (LSE:PTEC) were trading 3.47 per cent higher at 597.00 pence per share in London earlier Wednesday, while shares in Aristocrat Leisure Ltd (ASX:ALL) closed 0.93 per cent higher at AUD$41.29 per share in Sydney.