Playtech Extends Deadline for TTB Partners to Confirm Acquisition Offer

Fazzaco learned that the gambling tech company Playtech has extended the deadline for confirmation of acquisition intent from TTB Partners (TTB) to July 15, 2022.

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As previously reported by Fazzaco, TTB, a Hongkong-based boutique investment and advisory firm, approached Playtech about the acquisition this February, but did not make a formal offer. The tech giant initially set June 17 for TTB as a deadline to confirm the acquisition interest. Whereas, with the approval of Playtech's Panel on Takeovers and Mergers, the time limit has been extended to allow "additional time for discussions to further develop" which is believed to be "in the best interests of the Company's shareholders and other stakeholders".

Last October, Aussie leading gaming solutions provider Aristocrat Leisure Ltd. (Aristocrat Leisure) offered to buy Playtech for 2.7 billion pounds, but was rejected by the later's shareholders. Afterwards, TTB talked with the tech company about the trade, which was backed by Mor Weizer, CEO of Playtech, and Thomas Hall, former director of Playtech.

Weizer and Hall have approached TTB with their interest in participating in the investor group. Playtech's board will now form an independent committee consisting of directors, excluding Weizer, to consider all matters relating to any possible offer from TTB and any other such M&A proposals that it receives.

TTB was previously subject to restrictions under the City Code on Mergers and Acquisitions, which prevented it from making a bid for Playtech.

"The independent committee is and will remain especially mindful of their obligations to Playtech stakeholders and the requirements of the code," stated Playtech in the latest announcement.

The company added: "There can be no certainty as to whether Mr Weizer or Mr Hall will participate in the TTB investor group, nor whether an offer for the company will be announced nor as to the terms on which any offer might be made."