TTB Given Deadline Extension for Confirming Playtech Acquisition Bid

Friday, 17/06/2022 | 07:13 GMT by Arnab Shome
  • Now, the deadline is until 5 pm on July 15.
  • The two have been discussing the deal for months now.
playtech

Playtech (LON: PTEC) announced on Friday that the deadline to receive confirmation from TTB Partner on the acquisition offer had been extended to July 15, 2022.

Previously, the deadline for receiving confirmation of interest for the Playtech acquisition by TTB was due by June 17. However, it was extended with the approval of the Panel on Takeovers and Mergers.

“Discussions between the Company and TTB are ongoing, and progress continues to be made,” the latest announcement by Playtech stated.

“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.”

Now, TTB Partners is needed to confirm its intentions by 5pm on July 15, but the deadline can be further extended if deemed necessary by the Panel.

How Will It End?

TTB Partners approached Playtech with its acquisition intention in early February, after Playtech shareholders rejected a $3.7 billion all-cash offer made by the Aussie gambling equipment maker, Aristocrat Leisure. It is representing a group of investors, and Playtech’s CEO, Mor Weizer, and the former Director, Thomas Hall, who also approached them, expressing their interest to become participants.

Despite Playtech and TTB being in discussions for months now, the latter is yet to clarify its intention about the acquisition and come up with an offer.

Meanwhile, Playtech recently confirmed that it had received all necessary regulatory approvals for the sale of its financial division, Finalto, to Gopher Investments, which is a TTB subsidiary.

Furthermore, the gambling technology provider is doing very well with its financials. It reported a 12 percent revenue jump in 2021 as its B2B and B2C businesses strengthened. It even witnessed an adjusted EBITDA of more than €100 million in Q1 2022.

Playtech (LON: PTEC) announced on Friday that the deadline to receive confirmation from TTB Partner on the acquisition offer had been extended to July 15, 2022.

Previously, the deadline for receiving confirmation of interest for the Playtech acquisition by TTB was due by June 17. However, it was extended with the approval of the Panel on Takeovers and Mergers.

“Discussions between the Company and TTB are ongoing, and progress continues to be made,” the latest announcement by Playtech stated.

“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.”

Now, TTB Partners is needed to confirm its intentions by 5pm on July 15, but the deadline can be further extended if deemed necessary by the Panel.

How Will It End?

TTB Partners approached Playtech with its acquisition intention in early February, after Playtech shareholders rejected a $3.7 billion all-cash offer made by the Aussie gambling equipment maker, Aristocrat Leisure. It is representing a group of investors, and Playtech’s CEO, Mor Weizer, and the former Director, Thomas Hall, who also approached them, expressing their interest to become participants.

Despite Playtech and TTB being in discussions for months now, the latter is yet to clarify its intention about the acquisition and come up with an offer.

Meanwhile, Playtech recently confirmed that it had received all necessary regulatory approvals for the sale of its financial division, Finalto, to Gopher Investments, which is a TTB subsidiary.

Furthermore, the gambling technology provider is doing very well with its financials. It reported a 12 percent revenue jump in 2021 as its B2B and B2C businesses strengthened. It even witnessed an adjusted EBITDA of more than €100 million in Q1 2022.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6365 Articles
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