Following the good news of new product releases this month including the Top Gun branded Video Slot and Live Prestige Roulette, Playtech ends the month on a sour note. After discussions with the Financial Conduct Authority (FCA), Playtech will not move forward with its £459 million ($700 million) acquisition of spread betting company Plus500 as it will not be able to meet specific FCA requirements by the deadline of December 31, 2015.
According to a statement from Playtech: “Whilst regulatory approval for the acquisition of Plus500 has already been received from the Cyprus Securities Exchange Commission, the Company has been in active dialogue with the Financial Conduct Authority ("FCA") in relation to its proposed acquisition of Plus500, including in relation to certain concerns raised by the FCA which the Company considered could be resolved to the satisfaction of the FCA prior to 31 December 2015, being the effective long-stop date for the transaction to complete.”
“However, following an update from the FCA late in the afternoon of Friday 20 November 2015 and having considered its position over the weekend, the Board of Playtech is now of the view that the steps being proposed to address these concerns will not sufficiently satisfy the FCA to enable Playtech to obtain the FCA's approval by 31 December 2015, and is therefore withdrawing its change of control application to the FCA.”
There are no financial penalties involved with terminating the acquisition deal for Playtech but the planned merger with Ava Trade is an area of concern as the company believes that the termination of its merger talks with Plus500 will make Ava Trade sellers more likely to invoke their termination right based on the Central Bank of Ireland’s opposition to the sale back in October. Should this deal be terminated, Playtech stands to lose its $5 million deposit.
In its statement Playtech also provided an update on Ava Trade stating “Playtech continues to appeal the CBI's decision to oppose its application to acquire Ava Trade.”
Read the full update: Source
Playtech Backs Out of Plus500 Deal
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okotomi1 8 years ago
The difference between gambling and trading is not that big. Trading is some kind of betting on ups and downs and you can get right or wrong both times. In Germany we had that big gambler who got 10 Millions for trading and he gambled for some years and made some millions and is in jail now, it could have been online slots....
The difference between gambling and trading is not that big. Trading is some kind of betting on ups and downs and you can get right or wrong both times. In Germany we had that big gambler who got 10 Millions for trading and he gambled for some years and made some millions and is in jail now, it could have been online slots. Believe me, small difference, I have done it both. But why Playtech backed out? Actually, you can love both, you are either the curves person or the slots person. Probably that is why.
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Vanenhox 8 years ago
That trading commodities business is so strange...and a little scary because I hear it can be very risky. I don't quite understand it and how it relates to real, actual goods or prices in the market;but you bet on the ups and downs and if you are right you win...that's it basically. I don't know how it relates to any real...
That trading commodities business is so strange...and a little scary because I hear it can be very risky. I don't quite understand it and how it relates to real, actual goods or prices in the market;but you bet on the ups and downs and if you are right you win...that's it basically. I don't know how it relates to any real world needs...real pork bellies are eaten by real people who have a real need for them....but the direction of the price of pork bellies is something else somehow. I can see why a big gambling company would be involved in this game.
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