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UK's Playtech's shares slip after report of potential breakup

01/26/2022 | 03:39am EDT
FILE PHOTO: Gambling cubes and chips are seen in front of displayed Playtech logo in this illustration taken

Jan 26 (Reuters) - Playtech shares fell 4% on Wednesday after the gambling software maker once again backed a buyout by Aristocrat Leisure, following a report that the London-listed company was exploring a breakup if the deal does not go through.

Britain's Playtech in a statement did not address the Sky News report, but said that it continued to endorse the 2.1 billion pound ($2.8 billion) offer from Australia's Aristocrat which is due for shareholder voting on Feb. 2.

While regulatory approvals for the Aristocrat deal are on track, there is uncertainty over whether shareholders would vote in its favour after Playtech indicated investors were wary.

On Jan. 21, Playtech said it was speaking to shareholders about Aristocrat's offer, saying "a number of material investors have not to date engaged meaningfully about their views" on the proposal.

Peel Hunt analysts raised their rating on Playtech on Wednesday, and said a restructuring of the business would lead to a value of over 700 pence per share. Aristocrat has offered 680 pence per share.

Last week, former Formula One team boss Eddie Jordan withdrew from making an offer for Playtech after approaching it in November. Other suitors were also once circling the British firm, in what could have become a three-way battle for Playtech.

($1 = 0.7407 pounds) (Reporting by Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ARISTOCRAT LEISURE LIMITED 2.70% 34.63 Delayed Quote.-20.52%
PLAYTECH PLC -0.09% 562 Delayed Quote.-23.28%
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Analyst Recommendations on PLAYTECH PLC
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Financials
Sales 2021 1 160 M 1 243 M 1 243 M
Net income 2021 12,3 M 13,1 M 13,1 M
Net Debt 2021 556 M 595 M 595 M
P/E ratio 2021 107x
Yield 2021 0,39%
Capitalization 1 980 M 2 122 M 2 122 M
EV / Sales 2021 2,19x
EV / Sales 2022 1,81x
Nbr of Employees 6 600
Free-Float 65,3%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 6,62 €
Average target price 8,29 €
Spread / Average Target 25,3%
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Managers and Directors
Moran Weizer Chief Executive Officer & Executive Director
Andrew James Smith Head-Investor Relations
Brian Roger Mattingley Group Chairman
Shimon Akad Chief Executive Officer
Ian Ince Chief Compliance Officer
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