6 October, AtoZForex.com, Lagos – The saga regarding Playtech’s acquisition of AvaTrade continues. with a new update. This morning, the gaming company clarified that following communication with its Irish legal advisers and having taken legal advice, the company intends to formally challenge the CBI. As yesterday, the Central Bank of Ireland decided to oppose the completion of the Playtech AvaTrade acquisition.
Playtech challenges CBI
Yesterday’s announcement of the Central Bank of Ireland to oppose the proposed deal, posed a new obstacle for the firm. Initially the gaming company hoped to complete the acquisition of AvaTrade by early October, all things being equal. Playtech will now go ahead to formally challenge the decision from the CBI.
The intention of Playtech is unclear in regards to the management restructuring of AvaTrade. Like the case of Plus500, some major restructuring has already gone down, with Plus500 UK already replaced the Plus500 UK CEO Yair Lavi with former Alpari executive Mark Winton.
So far, Playtech which started out as a gaming technology company has successfully acquired strong FX brands like Markets.com and TopOption. Also, the gaming company has been in a high profile acquisition bid for purchase of a controlling stake in the ailing Plus500, as the agreement reached by the board of the companies valued Plus500 at 400 pence per share in cash. This puts the eventual valuation of the company at £459.6 million, which is almost half the value of the company.
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