Playtech Could be about to Purchase Plus500

07/17/2015
By Tommie ClarkGoogle
A couple of weeks ago, Plus500 were actually forced to freeze the trading accounts of its customers by the FCA (UK Financial Conduct Authority). This was done as a result of findings from anti-money laundering checks that the FCA had been doing since the start of the year. This of course led to a huge drop in the brokerage firm’s shares by around 50%.

Gal Habor, the CEO of Plus500 commented at the time that major failings were found by the FCA regarding how the company went about gathering information about its customers including their financial position and their proof of residence.

However, it came to light yesterday that although Playtech had announced that they had placed a bid of 400 pence per share for the company, the takeover still might not take place. The CEO of Playtech stating that if there was any significant certain material adverse change, that he and his investors would heavily consider pulling out of the takeover.
He also claimed that the bid for the online trading services provider was initially placed about a week ago. He revealed that he was asked by one of his investors whether a week was long enough to complete conclusive due diligence processes considering that the investigation by the FCA was still ongoing. His reply was that all checks and tests had been completed and that he felt comfortable that this takeover is the right one.

Plus500 in Freefall

Plus500 themselves have admitted that their business on British shores has dropped by an astonishing $4 million in the past two weeks since the FCA froze their customers accounts.

Revenue will therefore be lower than it was back in 2014 and it will cost additional money to make the required improvements to the compliance systems that it uses. That whole process is said to cost around $2 million and take a good month to implement, so they feel that the sale of the company would only be a good thing for it.

If all goes ahead, it is believed that this deal could be completed by the end of the third quarter this year. Playtech who are one of the world’s leading online gaming software developers have been behind many an online slot at some of the world’s biggest online casinos. They provide games and platforms to no deposit casinos such as the hugely successful Marvel series of online slots.

Playtech has come so far in recent years. It is now one of the biggest bingo providers and has been on the slots scene releasing innovative slot machines for years now. Most of the competitors such as Microgaming have big respect for Playtech due to their inventive slots that keeps other slot companies on their toes when it comes to releasing new and exciting slots.

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