Ex-Formula One team boss Eddie Jordan has pulled out of a bidding war to buy gambling software firm Playtech.
The 73-year-old Irish businessman’s consortium JKO Play had been planning to offer 750p per share for the FTSE 250 group, valuing it at around £3billion.
However, JKO is set to issue a statement pulling out of the process today, according to reports.
Backing down: Eddie Jordan’s consortium JKO Play is pulling out of the race for gambling software firm Playtech
The decision to scrap the firm’s pursuit of Playtech stems from concerns that a block of Asian investors, who recently bought 27 per cent of the company, could block any deal that fails to meet their requirements.
An offer would also have put Jordan in competition with Australian gambling firm Aristocrat Leisure, whose £2.7billion, or 680p per share, offer for Playtech was recommended by the firm’s board in October.
The business, which develops software for online casinos and betting websites, was founded in 1999 by Israeli tech and property billionaire Teddy Sagi.
It is considered by some to be a hidden gem inside the UK’s gambling sector, with giants including William Hill and Bet365 among its customer base.
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