Playtech’s £2.7 billion sale to Australian gambling equipment maker Aristocrat Leisure is hit with delays as Playtech moved to postpone a shareholder vote on the deal.
The UK online gambling software developer and content supplier Playtech stated that it pushed back the shareholder approval of the Aristocrat deal. Initially, a vote was scheduled to take place on January 12, but now it will be held on February 2. Playtech’s board of directors have the deadline in order to give more time for a possible counter bid from JKO Play, a group led by Formula One tycoon Eddie Jordan and gambling industry veteran Keith O’Loughlin. JKO Play emerged as a potential bidder for Playtech in November 2021. The group has been provided with due diligence information and has continued engaging with Playtech since the time they made their initial approach in November. However, the group has so far not tabled any offer.
Playtech said that discussions are progressing, and as a result, JKO Play has requested for time to enable it to develop a potential takeover offer. Initially, JKO Play was given a deadline until January 5 to submit a strong bid for Playtech. Both parties including Aristocrat agreed and approved the deadline. However, the deadline has been pushed back to a date that would be set by a general meeting scheduled to take place on February 2.
However, Playtech stated that despite any postponement, there is no certainty that JKO Play’s approach will result in an offer nor certainty of the terms on which any offer might be made. Playtech further mentioned that its directors continue recommending shareholders vote in favor of the Aristocrat’s offer, stating it would provide
liquidity
Liquidity
Liquidity is at the core of every broker’s offering. It is a basic characteristic of every financial asset – be it a currency, stock, bond, commodity or real estate. The more liquid an asset is, the easier it is to sell and buy on the open market. Foreign exchange is considered to be the most liquid asset class.Brokers can source liquidity from a single or multiple source, thereby delivering to their clients enough market depth for their orders to get filled. The main characteristic of liquidity is its depth, which will determine how quickly and how big of an order can be executed via the trading platform.Understanding LiquidityLiquidity can be internal or external depending on the size and the book of the broker. Companies which are large enough and have material client flows consistently are creating their own liquidity pools from the order flow of their clients, thereby internalizing flows and saving on costs to send customer orders to the interbank market. By doing that however they are exposing themselves to carry the risk on the trade.Liquidity providers can be prime brokers, prime of primes, other brokers or the broker’s book itself. Traditionally brokers are split between internalizing flows and offloading trades of their clients to different liquidity providers.Generally, retail brokers and their clients prefer more liquid assets which lead to better fill rates and less slippage. When there is lack of liquidity on a certain market, slippage can occur – the order is executed at a price which is the closest available to the one requested by the client.
Liquidity is at the core of every broker’s offering. It is a basic characteristic of every financial asset – be it a currency, stock, bond, commodity or real estate. The more liquid an asset is, the easier it is to sell and buy on the open market. Foreign exchange is considered to be the most liquid asset class.Brokers can source liquidity from a single or multiple source, thereby delivering to their clients enough market depth for their orders to get filled. The main characteristic of liquidity is its depth, which will determine how quickly and how big of an order can be executed via the trading platform.Understanding LiquidityLiquidity can be internal or external depending on the size and the book of the broker. Companies which are large enough and have material client flows consistently are creating their own liquidity pools from the order flow of their clients, thereby internalizing flows and saving on costs to send customer orders to the interbank market. By doing that however they are exposing themselves to carry the risk on the trade.Liquidity providers can be prime brokers, prime of primes, other brokers or the broker’s book itself. Traditionally brokers are split between internalizing flows and offloading trades of their clients to different liquidity providers.Generally, retail brokers and their clients prefer more liquid assets which lead to better fill rates and less slippage. When there is lack of liquidity on a certain market, slippage can occur – the order is executed at a price which is the closest available to the one requested by the client.
Read this Term and certainty. Aristocrat responded to the delay by emphasizing that its offer is the only firm bid on the table and provides “attractive value in cash and enhanced regulatory and financial certainty for Playtech shareholders”.
Banks Are Showing Interest to Sponsor Aristocrat’s Bid
In October 2021, Aristocrat agreed to acquire Playtech in a deal worth around £2.70 billion (€3.23 billion /$3.65 billion). The firm tapped UBS and Goldman Sachs for its $5 billion
acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company’s shares to gain control of that company. Buying more than 50% of a target firm’s stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company’s shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services.
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company’s shares to gain control of that company. Buying more than 50% of a target firm’s stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company’s shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services.
Read this Term of Playtech. Goldman Sach was working as adviser on the transaction and it was working with UBS on a $1.3 billion equity raising to fund the deal for Aristocrat. In November, Citibank announced its interest to join other banks to facilitate finances for Aristocrat’s £2.70 billion takeover bid. Bidco, a wholly owned subsidiary of Aristocrat, agreed to purchase Playtech in an all cash deal.
UBS and Goldman Sachs transferred a portion of their commitments to Citigroup. Citi therefore entered into an interim facilities agreement for a bridge loan from UBS, Goldman Sachs Mortgage Company, and Goldman Sachs Lending Partners to meet the cash required for the acquisition. Citi will act as a joint book runner and lead arranger for the Takeout Loan Facility. Although Goldman Sachs and UBS already agreed on the deal, the fate of it would be decided on February 2 by Playtech shareholders with a vote.
Playtech’s £2.7 billion sale to Australian gambling equipment maker Aristocrat Leisure is hit with delays as Playtech moved to postpone a shareholder vote on the deal.
The UK online gambling software developer and content supplier Playtech stated that it pushed back the shareholder approval of the Aristocrat deal. Initially, a vote was scheduled to take place on January 12, but now it will be held on February 2. Playtech’s board of directors have the deadline in order to give more time for a possible counter bid from JKO Play, a group led by Formula One tycoon Eddie Jordan and gambling industry veteran Keith O’Loughlin. JKO Play emerged as a potential bidder for Playtech in November 2021. The group has been provided with due diligence information and has continued engaging with Playtech since the time they made their initial approach in November. However, the group has so far not tabled any offer.
Playtech said that discussions are progressing, and as a result, JKO Play has requested for time to enable it to develop a potential takeover offer. Initially, JKO Play was given a deadline until January 5 to submit a strong bid for Playtech. Both parties including Aristocrat agreed and approved the deadline. However, the deadline has been pushed back to a date that would be set by a general meeting scheduled to take place on February 2.
However, Playtech stated that despite any postponement, there is no certainty that JKO Play’s approach will result in an offer nor certainty of the terms on which any offer might be made. Playtech further mentioned that its directors continue recommending shareholders vote in favor of the Aristocrat’s offer, stating it would provide
liquidity
Liquidity
Liquidity is at the core of every broker’s offering. It is a basic characteristic of every financial asset – be it a currency, stock, bond, commodity or real estate. The more liquid an asset is, the easier it is to sell and buy on the open market. Foreign exchange is considered to be the most liquid asset class.Brokers can source liquidity from a single or multiple source, thereby delivering to their clients enough market depth for their orders to get filled. The main characteristic of liquidity is its depth, which will determine how quickly and how big of an order can be executed via the trading platform.Understanding LiquidityLiquidity can be internal or external depending on the size and the book of the broker. Companies which are large enough and have material client flows consistently are creating their own liquidity pools from the order flow of their clients, thereby internalizing flows and saving on costs to send customer orders to the interbank market. By doing that however they are exposing themselves to carry the risk on the trade.Liquidity providers can be prime brokers, prime of primes, other brokers or the broker’s book itself. Traditionally brokers are split between internalizing flows and offloading trades of their clients to different liquidity providers.Generally, retail brokers and their clients prefer more liquid assets which lead to better fill rates and less slippage. When there is lack of liquidity on a certain market, slippage can occur – the order is executed at a price which is the closest available to the one requested by the client.
Liquidity is at the core of every broker’s offering. It is a basic characteristic of every financial asset – be it a currency, stock, bond, commodity or real estate. The more liquid an asset is, the easier it is to sell and buy on the open market. Foreign exchange is considered to be the most liquid asset class.Brokers can source liquidity from a single or multiple source, thereby delivering to their clients enough market depth for their orders to get filled. The main characteristic of liquidity is its depth, which will determine how quickly and how big of an order can be executed via the trading platform.Understanding LiquidityLiquidity can be internal or external depending on the size and the book of the broker. Companies which are large enough and have material client flows consistently are creating their own liquidity pools from the order flow of their clients, thereby internalizing flows and saving on costs to send customer orders to the interbank market. By doing that however they are exposing themselves to carry the risk on the trade.Liquidity providers can be prime brokers, prime of primes, other brokers or the broker’s book itself. Traditionally brokers are split between internalizing flows and offloading trades of their clients to different liquidity providers.Generally, retail brokers and their clients prefer more liquid assets which lead to better fill rates and less slippage. When there is lack of liquidity on a certain market, slippage can occur – the order is executed at a price which is the closest available to the one requested by the client.
Read this Term and certainty. Aristocrat responded to the delay by emphasizing that its offer is the only firm bid on the table and provides “attractive value in cash and enhanced regulatory and financial certainty for Playtech shareholders”.
Banks Are Showing Interest to Sponsor Aristocrat’s Bid
In October 2021, Aristocrat agreed to acquire Playtech in a deal worth around £2.70 billion (€3.23 billion /$3.65 billion). The firm tapped UBS and Goldman Sachs for its $5 billion
acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company’s shares to gain control of that company. Buying more than 50% of a target firm’s stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company’s shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services.
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company’s shares to gain control of that company. Buying more than 50% of a target firm’s stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company’s shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services.
Read this Term of Playtech. Goldman Sach was working as adviser on the transaction and it was working with UBS on a $1.3 billion equity raising to fund the deal for Aristocrat. In November, Citibank announced its interest to join other banks to facilitate finances for Aristocrat’s £2.70 billion takeover bid. Bidco, a wholly owned subsidiary of Aristocrat, agreed to purchase Playtech in an all cash deal.
UBS and Goldman Sachs transferred a portion of their commitments to Citigroup. Citi therefore entered into an interim facilities agreement for a bridge loan from UBS, Goldman Sachs Mortgage Company, and Goldman Sachs Lending Partners to meet the cash required for the acquisition. Citi will act as a joint book runner and lead arranger for the Takeout Loan Facility. Although Goldman Sachs and UBS already agreed on the deal, the fate of it would be decided on February 2 by Playtech shareholders with a vote.
Source: https://www.financemagnates.com/institutional-forex/aristocrats-27bn-takeover-of-playtech-faces-delay-amid-jko-interest/