Following months of negotiations, TTB Partners Limited today confirmed that it will not make an acquisition offer for Playtech plc. The Hong Kong-based firm stated that its decision was “due to challenging underlying market conditions”.
TTB stated:
TTB remains supportive of the Board, the executive management team, their strategy for Playtech and the prospects for the business. TTB also intends to support the Board’s efforts to maximise shareholder value.
TTB Partners initially approached Playtech with a possible acquisition offer on behalf of an investor group in February. Although no official bid was made, the final deadline for an official offer was set to 15 July. The tech giant had previously rejected a £2.7 billion takeover offer by Australian gambling equipment maker Aristocrat Leisure.
Meanwhile, TTB Partner’s subsidiary Gopher Investments recently finalised the acquisition of Playtech’s financial division Finalto a $250 million deal.
