Billionaire heiress Karen Lo makes games for Playtech
Billionaire heiress builds shareholding in Playtech, plows her way into £2.7bn triple takeover battle for gambling software company
A billionaire heiress to a Hong Kong soymilk empire has built a stake in Playtech, fighting her way into a complex £2.7 billion three-way takeover battle for the online gambling software company.
Karen Lo recently joined Playtech’s shareholders register through her Future Capital Group and now owns nearly 5 percent of the shares.
Lo is well known in Hong Kong high society and is the granddaughter of Dr. Lo Kwee-seong, founder of Vitasoy, a Hong Kong-listed beverage giant.
High stakes: Karen Lo, right, with fellow Hong Kong socialite Betty Cheng
Lo’s bet, revealed in registration applications, comes after Playtech recommended an offer of £6.80 per share from Aristocrat Leisure, Australia’s largest slot machine manufacturer.
Lo paid around £7.50 for shares, which confused some market viewers as she would be at a loss if the Aristocrat deal went through at its current price.
But rival acquirers are circling around. A consortium led by Formula 1 team owner Eddie Jordan and Gopher, a Hong Kong-based vehicle backed by banker Teresa Teague and John Bond, the son of former HSBC chairman Sir John, have expressed interest in buying the car. part or all of Playtech.
Other Asian investors have also built up a share and also paid more than the bid price.
Paul Suen, who has shares in Birmingham City Football Club and London casino Les Ambassadeurs, owns more than 4.1 percent, while Tang Hao and Stanley Choi have acquired stakes.