Eddie Jordan's JKO Play withdrew its US$3bn bid for Playtech PLC (LSE:PTEC), it was confirmed today.
JKO Play told Playtech t does not intend to make an offer for the company after being given more time earlier this month to come up with a counter-bid to a 680p-a-share offer made for Playtech by Australia's Aristocrat Leisure.
Playtech, which supplies online gaming software for companies including Bet365, William Hill, Betfair and Paddy Power, issued a statement this morning saying it continues to unanimously recommend its shareholders vote in favour of the Aristocrat offer, with a vote scheduled for 2 February.
The FTSE 250 gaming company said it was heading into the vote "without a clear understanding" of how much support it has from major shareholders, as a number of investors have not yet engaged in "customary levels of engagement".
A number of these shareholders are reported to have bought Playtech shares at prices considerably higher than Aristocrat’s offer.
Jordan said he and his team would “continue to evaluate a number of opportunities in the gaming and associated technology sectors, where we see exciting growth prospects in a number of international markets”.
JKO is now unable to make another offer for Playtech for six months.