Playtech seeks potential TTB bid resolution with deadline extension
London-listed online gambling supplier extends talks deadline to 15 July following “ongoing and progressing” discussions
Playtech has confirmed the extension of a deadline to 15 July for prospective acquirer TTB Partners Limited to make a firm offer for its business.
Takeover negotiations had been subject to a prior deadline of 5pm today, 17 June, by which time the Hong Kong-headquartered company must either make the offer or walk away from the negotiations entirely.
In a statement confirming the extension, the FTSE 250 igaming supplier sounded a positive note about the potential deal.
“Discussions between the company and TTB are ongoing and progress continues to be made,” Playtech said.
“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 extend the deadline by which TTB must clarify its intentions. The panel has granted this extension,” Playtech added.
Peel Hunt said the deadline extension should be viewed as an “encouraging sign that there may yet be an acceptable bid”.
TTB indicated its interest in pursuing an all-cash deal for Playtech in February, following the rejection of a £2.7bn bid by Australia-headquartered supplier Aristocrat by the firm’s shareholders.
At the time, a significant number of Asia-based investors in the Playtech business vetoed the deal, a rejection which prevented the firm from reaching its required 75% approval.
Reports had suggested Playtech would be dismantled if the Aristocrat deal failed to proceed, Playtech’s business has continued as usual throughout.
Playtech initiated talks with TTB soon after, and the interest has since drawn the support of Playtech CEO Mor Weizer and former Playtech CEO Tom Hall who are reportedly working with TTB on its bid.
In May, Playtech said “positive” progress had been made in the talks.
Earlier this week, the supplier confirmed a 30 June completion date for the sale of its Finalto financial trading business to Gopher Investments for $250m.
The sale was approved by Playtech shareholders in December 2021 following a bidding war between the Asia-based investment fund and a consortium backed by Barinboim Group.