The board of British online gaming giant Playtech is citing U.K. takeover rules in demanding that JKO Play put up or shut up on its planned bid to acquire the company. JKO’s bid reportedly would rival the current A$5 billion/US$3.7 billion from Aristocrat Leisure Ltd.
Playtech says that under U.K. Takeover Panel rules, JKO, which made its initial contact November 17, must make an offer by January 5 or walk away.
“JKO must, by 5 p.m. on 5 January 2022, being the seventh day prior to the date of the shareholder meetings, either announce a firm intention to make an offer for Playtech under Rule 2.7 of the Code or announce that it does not intend to make an offer for Playtech,” read the statement from the Playtech board.
“This deadline will cease to apply if, before that time, a third party other than JKO has announced a firm intention to make an offer for Playtech under Rule 2.7.”
The JKO involvement is the only obstacle to Playtech accepting Aristocrat’s bid, after Playtech shareholder Gopher Investments withdrew its bid last month.
