Former formula one team-owner, Eddie Jordan, is reportedly part of a consortium entering the contest to snap up a London listed gambling software company.
A firm founded by Jordan is working with a US investor, believed to be Centerbridge Partners, on financing an offer for Playtech, Sky News first reported.
A source told Sky News that the consortium’s offer would likely consist of both cash and contingent value rights based on the value of Playtech’s stake in a joint venture with Caliente, a gambling business based largely in Mexico. Caliente and Playtech are in the process of discussing a separate process that could see a joint venture go public through a merger with a special purpose acquisition company (SPAC).
The consortium which includes Mr Jordan’s firm is reportedly being advised by Global Leisure Partners.
The contest for ownership of Playtech, which has a market cap of £2.2bn, is heating up. Last month, the company accepted a bid from Aristocrat Leisure while one of its largest investors, Hong Kong based Gopher Investments, is also reportedly mulling a £3bn offer.
As the drama unfolds Playtech’s shares are soaring. Stock price is up 7.96 per cent this month and today climbed 0.48 per cent ahead of the announcement.
Read more: China’s Gopher Investments muscles in on London-listed Playtech takeover
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