(Bloomberg) -- Playtech Plc fell Monday amid pessimism about whether investors will approve a 2.1 billion-pound ($2.8 billion) takeover bid for the British gambling software provider.
Shares of Playtech were down 5% to 584 pence at the close in London. That's more than 14% below the cash offer of 680 pence per share from Australian slot machine maker Aristocrat Leisure Ltd.
Aristocrat still hasn't been able to communicate with a block of Asia-based investors that have built up stakes in Playtech, according to a person with knowledge of the matter. That's left it unable to determine whether those shareholders, who together own over 20% of the company, support the bid.
Playtech investors are set to vote on the deal Wednesday. At least 75% of shareholders voting at the meeting must be in favor for it to go through.
“The share price reflects uncertainty,” said Roberta Ciaccia, an analyst at Investec Plc, said by phone Monday. “It's difficult to think that the Aristocrat bid will go through unless they raise the bid price significantly.”
Fund manager Abrdn Plc, one of Playtech's top 20 shareholders with a 2.4% stake, said last week the offer was fair and it planned to vote in favor.
Representatives for Aristocrat and Playtech declined to comment.
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