Monday October 5,2015 : PLAYTECH RUNS INTO DIFFICULTIES ON AVA TRADE ACQUISITION
Central Bank of Ireland opposes takeover.
Playtech has run into opposition from the Central Bank of Ireland regarding its acquisition of Ava Trade Limited
In a stock exchange notification Monday Playtech advised that late on Friday 2 October 2015, it received a letter from the Central Bank of Ireland opposing the proposed acquisition of Ava Trade.
"Having taken legal advice and having regard to the circumstances at hand, the company will be seeking clarification from the CBI today and to engage with them in order to discuss certain issues raised in the letter which the company believes can be addressed to the CBI's satisfaction," the company statement notes, without revealing the nature of the issues.
Playtech has already received approval for the Ava Trade acquisition from the Financial Services Commission in the British Virgin Islands.
In the notification, Playtech advises that in regard to its proposed acquisition of contracts-for-difference company Plus500 Limited it is working on securing regulatory approval, having already received approval from the Cyprus Securities Exchange Commission.