Online gaming expert Playtech (LON:PTEC) has stepped in to buy troubled spread bet firm Plus500 (LON:PLUS) for £460mln.
The all-cash offer has been pitched at 400p per share, an 8% premium to Friday’s close but a 48% discount to Plus500’s share price two weeks ago.
Shares in the Israeli group tumbled when it revealed it suspended some of its UK client accounts to carry out money laundering checks.
The issue, which is setting the company back an estimated US$mln per week in lost revenues, has yet to be resolved.
Mor Weizer, chief executive of Playtech said: “Having recently completed the acquisition of TradeFX, the opportunity to acquire Plus500 will prove transformational for our ambitions to expand Playtech's wider offering. “
Gal Haber, chief executive of Plus500 said: “We are very proud to have built Plus500 in a short time into a significant player in the CFD market.
“Having been admitted to AIM at a share price of 115p on 24 July 2013, we believe that now is the right time to combine the business with Playtech who can provide additional infrastructure and expertise to add to our core skills in products, technology and marketing."