JKO Play walked away reportedly because they were unsure the Asian group of investors would block the bid. I would think the break in the market and prospects for much higher rates would npt have helped either. JKO would have needed to bid 10% over the ALL offer.
I read some speculation the group of Asian investors might want Playtech's Asian focused operations. The reality they have not stated intentions yet have ability to block isn't good.
The group of investors is also sitting on a big paper loss. Most of the position was built around 750p, and certainly well over the ALL offer. They must have some kind of plan to leverage a higher offer and/or some kind of carve out from ALL. Otherwise its a big loss for them.
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