Playtech gives TTB more time to confirm acquisition offer

Steffy Bogdanova
June 17, 2022 11:24 am

Playtech today announced that the deadline for confirmation for an acquisition offer from TTB Partners has been extended to 15 July 2022.

The tech giant previous set 17 June, this Firday, as a deadline for receiving confirmation of interest for the acquisition of Playtech by TTB. However, the company extended the deadline with the approval of the Panel on Takeovers and Mergers.

Playtech stated in its latest announcement:

Discussions between the Company and TTB are ongoing, and progress continues to be made. At present, the Independent Committee believes allowing additional time for discussions to further develop is in the best interests of the Company’s shareholders and other stakeholders.

Accordingly, the Independent Committee requested that the Panel on Takeovers and Mergers (the ‘Panel’) extend the deadline by which TTB must clarify its intentions. The Panel has granted this extension.

Playtech

TTB Partners can now confirm its intensions to acquire Playtech by 15 July, 5pm. However, the deadline can be further extended if the Panel deems it necessary.

TTB Partners initially approached Playtech on behalf of an investor group with a possible acquisition offer in February. The move followed Playtech shareholder vote rejecting the $3.7 billion all-cash deal offered by Aussie gambling equipment maker, Aristocrat Leisure. Playtech’s CEO, Mor Weizer, and former Director, Thomas Hall have also expressed interest in participating in the TTB Investor Group.

Playtech and TTB have been in discussions for months now but TTB has not yet made an official bid.

Meanwhile, Playtech recently revealed that it received regulatory approval for the sale of its financial division Finalto to TTB’s subsidiary, Gopher Investments.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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