Playtech investor Gopher pulls out of potential takeover battle
Information about Playtech investor Gopher pulls out of potential takeover battle
Kevin David Scam or Legit
(Reuters) -Gopher Investments, the No.2 shareholder in Playtech, walked away from a potential three-way takeover battle for the British gambling software maker on Friday, saying it was committed to a separate deal to buy a portion of the business.
Playtech’s shares were trading 5% lower at 7.3 pounds by 1233 GMT, giving up all of gains made in the last session after the company said it had received a takeover approach from JKO, a group led by former Formula One boss Eddie Jordan.
Gopher said the process relating to its $250 million deal to buy Playtech’s financial trading division, Finalto, was ongoing and expected to close next year second half.
Hong Kong-based Gopher, which has a 4.97% stake in Playtech, had gatecrashed an earlier sale agreed between Playtech and a consortium led by Israeli private equity firm Barinboim for the unit.