Playtech PLC (LSE:PTEC) said it is “determined” to consider other options as the takeover offer from Australia’s Aristocrat failed to receive enough shareholder support in a vote today.
In a morning statement, the FTSE 250 gaming technology group said that, based on the proxy votes received, the minimum threshold of 75% of votes needed to approve the 680p-a-share offer will not be achieved.
Indeed, it later confirmed that there were only 56.13% and 54.68% of votes in favour of resolutions relating to the Aristocrat bid, so the deal has been terminated and the scheme has lapsed.
Shares in the company rose almost 5% to 604p by early afternoon on Wednesday.
Directors said they have been “actively considering…options for maximising shareholder value” in such a scenario, which has included evaluating “attractive M&A proposals” it has received from third parties for its business-facing (B2B) and consumer (B2C) businesses.
These alternative proposals are not subject to the takeover code but would be expected to be subject to shareholder approval, the company said.
“This process has shone a spotlight on the fundamental premium value of Playtech's businesses,” said chairman Brian Mattingley. “Playtech is the leading technology company in the gambling industry, with an unrivalled quality and breadth of products.”
In the event that the Aristocrat offer lapses, he said the board “is determined to pursue options to maximise value for all shareholders and accelerate validation of that value."
Chief executive Mor Weizer added that Playtech “remains in a strong position and continues to perform very well across its core B2B and B2C businesses”.
** Adds shareholder vote result **