Shares in gaming and casino management systems company Aristocrat Leisure Limited (ASX: ALL) are inching higher today and now trade at $45.16.
Investors are opening long positions in Aristocrat following a set of company announcements advising on an upcoming acquisition and management restructure. Here are the details.
What was announced?
Aristocrat refers to a previously announced acquisition plan to purchase the world’s largest online gambling software provider, Playtech Plc.
The acquisition was announced back in October where the pair recommended an all cash transaction of 680 British pence for each Playtech share.
Rival bidder JKO Play Limited has also stepped into the race, and Aristocrat today notes an announcement by the UK Takeover Panel on the matter.
The panel advised that the latest date by which time JKO Play must clarify its position on the deal is 5 pm on 5 January 2022.
This date is seven days prior to the date of the Playtech shareholder meetings in relation to the Aristocrat offer on 12 January 2022, per the release.
By this time, JKO must either announce its intention to make an offer for Playtech under the UK Takeover legislature or instead advise that it does not intend to make an offer for the company.
What else did Aristocrat release?
Aristocrat also advised that its Chief Financial Officer Julie Cameron-Doe has resigned after 8 years with the company, to take on a new venture as CFO of Wynn Resorts, Ltd.
Cameron-Doe leaves the role after a tenure of 4 years and will continue on through her 6 month contractual notice period whilst facilitating a handover to the incoming CFO.
Speaking on Cameron-Doe’s departure, Aristocrat’s CEO and managing director, Trevor Croker said:
Julie has been an exceptional partner to me and the leadership group over the past four years, as Aristocrat’s scale, diversity, resilience and cultural growth has accelerated.” “I regret but fully respect Julie’s decision to seek a new opportunity at this time, for personal and family reasons, after many successful years with Aristocrat. I look forward to working through a smooth transition process with Julie in the coming months, and to providing an update on Julie’s successor in due course.
Aristocrat share price summary
In the past 12 months, the Aristocrat share price has gained 45% after rallying 46% this year to date.
But, it has taken a backward step in the last month and is trading 6% lower in that time.