London Markets: Former F1 chief Eddie Jordan withdraws from bidding for gaming software company

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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,
-23.41%

shares dropped 20% to 586 pence.

The FTSE 100
UKX,
-1.16%

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,
-3.99%
,
an investor in several tech plays, slumped over 4%, as Pershing Square Holdings
PSH,
-2.43%

lost 3%. Mining groups including BHP
BHP,
-3.36%

and Fresnillo
FRES,
-3.18%

also slumped.