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by Ralph Trayfalgar Updated:
The proposed acquisition of Playtech by Australian gambling machine manufacturer Aristocrat Leisure has fallen through after it failed to get an approving vote from Playtech shareholders.
The Playtech Court Meeting and General Meeting, which convened Wednesday, was meant to establish a vote to approve or reject the acquisition offer, which required a 75% majority vote. According to sources reported by Reuters, however, only around 50% of the shareholders have voted to approve the deal.
In the interim, Playtech has announced in a statement that the company will look into other options, although the company did not disclose any further details.
Regardless of the results of the acquisition, Playtech continues to be a dominant force in the online real money gambling industry, expecting its FY21 results to outperform their pervious projections. The firm noted that it has continued to witness good performance across both its main B2B and B2C businesses since its last trade update in November 2021, and that it expects this to continue in the future.
In the B2B aspect, the firm had significant growth in Latin America after Mexican casino operator Caliente launched a Playtech-powered casino site in 2021, and Snaitech, a Playtech subsidiary, has exhibited strong growth in the EU region.
Playtech CEO Mor Weizer had the following to say regarding the results of the shareholder meeting: “Playtech remains in a strong position and continues to perform very well across its core B2B and B2C businesses. This progress reflects the quality of our technology and products and the hard work and commitment of our talented team.
“We remain confident in our long-term growth prospects and, in particular, our ability to benefit from the structured agreements (including Caliente) that are already allowing Playtech to access newly opened gaming markets.”