Playtech Delays Shareholders’ Voting on Finalto Deal

Playtech, the world's largest online gaming software supplier traded on the London Stock Exchange Main Market, has decided to postpone its General Meeting which was planned to be held on July 15, for the purpose of leaving two weeks for the Board and the shareholders to  further consider the Finalto acquisition deal.

Playtech noted that the postponed meeting would be held at 10 a.m. on 29 July 2021.

According to Fazzaco’s previous press release in May, Playtech announced its proposed sale of financial trading division Finalto for up to US$210 million​ to a consortium led by Israeli investment business Barinboim Group and backed by Leumi Partners and Menora Mivtachim Insurance.

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Whereas, Hong Kong-based Gopher Investments made a $250 million offer for Finalto on July 2.

“Both Playtech and the Consortium are bound by the restrictions agreed as part of the binding agreement (SPA), which includes not engaging in negotiations with any third party regarding a potential transaction involving the sale of Finalto, as is customary for transactions of this nature,” Playtech stated.

Reportedly, even though the shareholders vote against its offer, Playtech has to pay $8.8 million if they want to sell Finalto for above $200 million to a third party within a year.