Tuesday, December 6, 2022

Playtech extends deadline for TTB acquisition offer

The Playtech Independent Committee has extended the deadline for TTB Partners to make an offer to buy the supplier.

Previously, the submission deadline was 17 June 2022; however, Playtech has extended this to 15 July to allow time for additional negotiations, in what it believes will be “in the best interests of the company’s shareholders and other stakeholders.”

TTB must now state its intention to either make an offer or not by 15 July; any additional deadline extensions must again be approved by the Panel on Takeovers and Mergers.

TTB was previously subject to restrictions under Rule 2.8 of the City Code on Mergers and Acquisitions, which prevented it from making a bid for Playtech.

TTB sought release from these restrictions, in what seemed to be an indication of intent.

Casino supplier giant Aristocrat submitted a $2.7bn bid for Playtech in February 2022, although this bid failed due to a lack of shareholder support.

In February 2022, Playtech CEO Mor Weizer publicly confirmed his support of the TTB takeover. He was joined by former CEO Tom Hall, who also stated his desire to support the acquisition.

Playtech commented on the current state of the TTB deal, saying that talks “are ongoing and progress continues to be made.”

Any potential bid from TTB is expected to exceed that of Aristocrat. But Playtech went on to say “there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.”

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