Why Playtika (PLTK) Shares Are Trading Lower Today - Playtika Holding (NASDAQ:PLTK)

Global investment firm Joffre Capital failed to close the majority stake acquisition in Playtika Holding Corp (NASDAQ:PLTK) due to certain conditions at the company and with Playtika Holding UK II Limited.
Joffre Capital forged a deal in June to acquire 106.1 million Playtika shares. The shares were worth $1.53 billion based on a June 27 closing price of $14.39.
Also Read: Playtika Reveals Preliminary Results Of Oversubscribed Tender Offer
James Lu, Co-Founder and Managing Partner of Joffre, has resigned from the Playtika board effective November 30.
Lu resigned, citing significant deficiencies in the company's current governance practices, lack of response to his suggested remedies, conflicts of interest due to excessive management control on the Board, and lapses and communications failures.
Lu said, "After several months of attempting to work with PHUKII, it has become clear that Joffre is not able to proceed to pre-closing outlined in the Purchase Agreement in part due to Playtika management's domination of the Board, which is directly contrary to assurances made by PHUKII prior to signing the Purchase Agreement. Pursuant to the terms in the Purchase Agreement, we will seek to recover our initial payment to PHUKII, which we have requested be returned immediately."
Playtika stock has lost half of its value year-to-date.
Price Action: PLTK shares traded lower by 7.69% at $7.80 in the premarket on the last check Thursday.

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