RE: First Half results17 Aug 2020 16:39
Market report: Takeover buzz makes City spin the wheel on Playtech
Casinos were finally allowed to reopen from lockdown at the weekend, and betting was on the brain for many on Monday. Investors decided to take a punt on the prospect of gaming company Playtech becoming a takeover target.
In a trading session with limited blockbuster news, the City latched onto a weekend interview with Jason Ader, a shareholder in Playtech, the world's largest online gaming software supplier.
Ader is a former industry analyst who sat on the board of casino developer Las Vegas Sands.
He thinks DraftKings, a US online gambling company that on Friday posted a steeper than expected loss, should look at acquiring Playtech which recorded underlying profits of €383 million for 2019.
Ader said: "They should be making a stock-for-stock deal with Playtech... If I were on their board, that's what I'd be saying."
Shares in Playtech, which declined to comment, reached 367p in early trading before settling back, up 3.5p to 357.3p