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,
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
PTEC,
shares dropped 20% to 586 pence.
The FTSE 100
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
SMT,
an investor in several tech plays, slumped over 4%, as Pershing Square Holdings
PSH,
lost 3%. Mining groups including BHP
BHP,
and Fresnillo
FRES,
also slumped.
This post was originally published on Market Watch
