Earlier this month, Gopher made an initial approach to Playtech about a possible takeover deal on 21 October.
Financial details of the proposal were not disclosed, but reports suggested that the deal could have been worth £3.00bn (€3.58bn/$4.03bn).
Gopher was provided with access to due diligence information to explore terms for a possible takeover offer.
However, Playtech has been informed that Gopher no longer intends to make an offer.
Aristocrat and JKO Play are now the remaining contenders in the race to acquire the full Playtech business.
Aristocrat recently agreed to acquire Playtech in a deal worth approximately £2.70bn.
A preliminary approach was also made by JKO Play, and they have been given access to due diligence information.
JKO Play is currently in talks with Centerbridge Partners for financing a possible deal.
Playtech has confirmed that discussions with JKO Play are at an early stage, and there is no certainty of a firm offer for the business.
Playtech noted that it is continuing to work with Aristocrat to implement the recommended acquisition agreement struck in October.
The regulatory approval process for the Aristocrat deal is on track, with the aim of completing the transaction by the second quarter of next year.
Furthermore, Playtech clarified that Gopher’s decision to withdraw from the full takeover does not impact the separate agreement to acquire its Finalto division.
In September, Playtech agreed to sell Finalto to Gopher for $250.0m after its shareholders rejected a board-backed bid led by the Barinboim Group.
Gopher emerged with its own $250m all-cash counter-offer, leading Playtech to delay the general meeting for shareholder voting on the Barinboim bid.
Playtech’s board sought further information about the Gopher proposal, asking questions related to ownership and links to China.
After not receiving sufficient responses, the board continued to back the Barinboim bid, but the majority of voting interest rejected it.
This rendered the Barinboim consortium’s agreement with Playtech invalid, allowing Playtech to negotiate with Gopher.
In the end, Playtech’s board agreed to sell Finalto to Gopher, despite scepticism from Barinboim.
