Gopher Investment recently made a $250 million offer to the shareholders of Playtech to acquire its financial business Finalto. The 4.67% stakeholder at Playtech is taking steps to convince the board and shareholders.
On Tuesday the Gopher released a statement outlining significant aspects of its offer to Playtech. The investment company has asked Playtech’s Board to adjourn the company’s General Meeting, due to take place on 15 July 2021 or for shareholders to vote against the current offer they have offer from the Consortium.
Earlier in May, Playtech signed a binding agreement to sell its financial unit to Consortium led by Barinboim Group and backed by Leumi Partners Limited and Menora Mivtachim Insurance Limited.
Gopher has decided to clarify and give more details on who advises the firm in a statement they shared with LeapRate.
The statement said:
Gopher is an investment vehicle backed by investors with experience in gaming and financials, and is an affiliate of TT Bond Partners (TTB). TTB, through its Hong Kong regulated entity, TTB Partners Limited, which is advising Gopher on this transaction, is an investment and advisory firm based in Hong Kong, whose founders and professionals have over 30 years’ experience in the financial services industry investing and advising on over $250 billion of transactions in the US, Europe, and Asia.
TTB has significant experience in investing in assets in the technology-driven financial services sector. Recent investments include: Xen Financial, a next-generation investment platform providing fractionalised access to private markets; KASB, a stock brokerage in Pakistan, and creator of KTrade, Pakistan’s leading retail stock trading app; Finhabits, a US-based leading bilingual money app designed for Latinos’ financial success; Selfin, a digital microlending platform focused on financial inclusion of microenterprises in India; Aspen Digital, an innovative technology-driven platform that empowers asset and wealth managers to offer digital asset products with confidence, driving mass adoption of digital assets and blockchain technologies; Coherent, a Hong Kong based insurtech company building digital platforms for insurers; and M7 Real Estate, a UK and EU based real estate asset manager.
The investment company has made an offer to Playtech to buy Finalto for $250 million and revealed that it has already allocated and ring-fenced cash funds for immediate drawdown. In comparison, the Consortium offered initial $185 million, along with $15 million deferred for up to two years, together with a further $25 million in contingent.
Gopher said that it expects an agreement on materially equivalent terms to the consortium’s offer.
Gopher said that:
It believes transaction documentation can be entered into very quickly, and it does not anticipate any need for negotiation of key terms or commercial discussions on the transaction documents.
