Former F1 chief Eddie Jordan withdraws from bidding for gaming software company
Gaming software company Playtech shares slumped 20% on Friday as a consortium led by former Formula One chief Eddie Jordan withdrew from bidding.
Jordan said in a statement that the JKO consortium withdrew and that it’s still looking for opportunities in the gaming sector. A group of Asian investors who recently bought Playtech were reported by the Financial Times to have scared off the Jordan-led consortium .
Aristocrat Leisure, (AU:ALL) an Australian slot machine maker, has agreed to buy Playtech for 680 pence a share, or £2.1 billion. Though Playtech is recommending the offer, the company said “a number of material investors have not to date engaged meaningfully about their views on the Aristrocrat offer.”
Playtech (UK:PTEC) shares dropped 20% to 586 pence.
The FTSE 100 (UK:UKX) dropped 1.1% to 7504 in midday trade, as the defensive characteristics of the U.K. index were not enough to offset the pessimism in global markets.
Scottish Mortgage Investment Trust (UK:SMT) an investor in several tech plays, slumped over 4%, as Pershing Square Holdings (UK:PSH) lost 3%. Mining groups including BHP (UK:BHP) and Fresnillo (UK:FRES) also slumped.