Former F1 chief Eddie Jordan withdraws from bidding for gaming software company

Formula 1 boss Bernie Ecclestone (L) talks with former Irish F1 team Jordan owner, Eddie Jordan, following the third practice session during at Silverstone motor racing circuit in Silverstone, central England, on July 9, 2016, ahead of tomorrow's British Formula One Grand Prix. / AFP PHOTO / OLI SCARFFOLI SCARFF/AFP/Getty Images By oli scarff/Agence France-Presse/Getty Images

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.

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