Former F1 chief Eddie Jordan withdraws from bidding for gaming software company – MarketWatch

Gaming software company Playtech shares slumped 20% on Friday as a consortium led by former Formula One chief Eddie Jordan withdrew from bidding.
Jordan said in a statement that the JKO consortium withdrew and that it’s still looking for opportunities in the gaming sector. A group of Asian investors who recently bought Playtech were reported by the Financial Times to have scared off the Jordan-led consortium.
Aristocrat Leisure, ALL, -3.40% an Australian slot machine maker, has agreed to buy Playtech for 680 pence a share, or £2.1 billion. Though Playtech is recommending the offer, the company said “a number of material investors have not to date engaged meaningfully about their views on the Aristrocrat offer.”
Playtech PTEC, -20.67% shares dropped 20% to 586 pence.
The FTSE 100 UKX, -1.20% dropped 1.1% to 7504 in midday trade, as the defensive characteristics of the U.K. index were not enough to offset the pessimism in global markets.
Scottish Mortgage Investment Trust SMT, -3.86%, an investor in several tech plays, slumped over 4%, as Pershing Square Holdings PSH, -3.65% lost 3%. Mining groups including BHP BHP, -3.16% and Fresnillo FRES, -3.62% also slumped.
The U.S. is approaching the end of a 'superbubble,' potentially leading to the largest markdown of wealth in its history when pessimism returns to rule markets, according to legendary investor Jeremy Grantham.
Steven Goldstein is based in London and responsible for MarketWatch’s coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch’s economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.

source