Internet betting giant Playtch has published a statement regarding its appeal of CFD company Ava Trade Limited, noting the legal moves that the company took in the wake of the Central Bank of Ireland's opposition to the agreement.
Playtech said that its appeal has been concluded and that the company will not pursue the purchase after the deal was terminated by Ava Trade on November 23rd. Playtech now will look to boost its profile on other properties.
The statement released by the Isle of Man based group read: "The appeal was allowed by the Irish Financial Services Appeals Tribunal, with the consent of the CBI, on the grounds of error in the CBI's decision-making process. The appeal therefore succeeded. In these circumstances, the matter was remitted to the CBI for reconsideration and a new decision."
"However, although the application was referred back to the CBI for further consideration, as the proposed acquisition of Ava Trade was terminated by the sellers on 23 November 2015, Playtech has withdrawn its application, bringing this process to a conclusion."