Online gambling company Playtech (LON:PTEC) saw shares fall over 10 percent this morning following an update from the Financial Conduct Authority on its proposed takeover of Plus500 (LON:PLUS).

Over the weekend the Board of Playtech reevaluated steps that were being taken to satisfy the FCA’s concerns about the tatekover and stated that they were unlikely to obtain the FCA’s approval by the deadline of 31 December. Playtech are now withdrawing its change of control application to the FCA.

Playtech, a company who supply software to the heavily growing online gambling sector, had aimed to acquire Plus500 to grow its financials division. However, they stated that they were “continuing to enjoy double-digit underlying growth with a strong pipeline of opportunities” and had “confidence in maintaining momentum.”

Playtech is currently trading down 10.80 percent at 759.50 pence per share, somewhere in the middle of its 52 week range of between 616.14 and 936 pence per share. (0850GMT)