Plus500 shareholder Odey thinks Playtech offer too low
Plus500 shareholder Odey Asset Management is said to be looking for a takeover bid nearer to 500p per share than the 400p per share offered by Playtech, The Independent reported. The newspaper did not cite a source for the speculation.
Odey, the largest shareholder in Plus500, does not have sufficient shares to block Playtech’s offer, the item added.
Plus500, a listed UK-based spread betting company, on Monday, 1 June, recommended a 400p per share cash bid from the listed Isle of Man-based gambling software group Playtech. The offer values Plus500 at GBP 459.6m (EUR 625.3m).
The report noted that Plus500 is the subject of a review by the UK’s Financial Conduct Authority (FCA). This news service reported on Monday that the FCA is reviewing the company’s products and platform provider under anti-money laundering controls.
The Independent report quoted an analyst at Numis who believed that Playtech’s takeover of Plus500 remains subject to “significant uncertainties.” The analyst thinks the FCA review could be lengthier than expected and that the regulator could widen its review to other parts of Plus500’s business.
Separately, The Daily Telegraph’s market report section noted that a US broker valued Plus500’s shares at just 52p each.
Plus500’s share price closed 14.75p up at 370.00p in London yesterday, valuing the company at GBP 425m.
Independent, Daily Telegraph