Monday November 23,2015 : PLAYTECH TERMINATES PLUS500 MERGER
Not confident Ava Trade purchase will go ahead either.
Playtech has terminated its proposed Plus500 acquisition after discussions with the Financial Conduct Authority (FCA) have determined it would not be able to fulfil certain conditions set out by the FCA by the deadline of December 31, 2015.
Playtech said it will not incur any financial penalties with respect to the termination of the acquisition of Plus500 and has no immediate plans with respect to its existing 9.9 percent holding in Plus500.
The company’s acquisition of Ava Trade hangs in the balance as Playtech believes that the termination of its merger talks with Plus500 increases the risk that Ava Trade sellers may exercise their termination right which was triggered by the Central Bank of Ireland’s opposition to the purchase at the beginning of October