Eddie Jordan mulls fresh Playtech approach - report
Shares in gaming software specialist Playtech sparked on Monday after it emerged that former suitor Eddie Jordon was mulling a fresh approach.
The FTSE 250 firm saw its shares tumble last week after TT Bond Partners, a Hong Kong-based consortium, said it would not be making a firm offer after months of interest.
But according to The Sunday Times, the former Formula One team boss is now considering a making a second tilt at the company, after he came close to tabling a 750p-per-share offer earlier this year.
Neither Playtech nor JKO Play, Jordan’s acquisition vehicle, commented on the report. But the renewed takeover speculation saw the stock jump, and as at 1300 BST, Playtech was trading 6% higher at 446.2p.
Playtech provides gambling and sports betting software to big name firms such as Ladbrokes owner Entain, and potential suitors have been keen to cash in on the boom in online gaming.
In October last year, Playtech agreed a £2.7bn takeover by Australian casino business Aristocrat Leisure. That sparked interest from rival bidders, including JKO Play.
Only 55% of Playtech’s shareholders backed Aristocrat’s offer, however, and the bid collapsed earlier this year. JKO also withdrew from the process.
TT Bond Partners, a Playtech shareholder, then launched its own approach, which had the backing of chief executive Mor Weizer and former boss Tom Hall. But after several months of discussions, including two extended “put up or shut up” deadlines, last week TTB pulled out, blaming “challenging market conditions”. Shares in the stock tumbled more than 18% following the announcement.