Playtech CEO Wants to Join TTB Investor Group for Takeover Bid

Playtech (LON: PTEC) announced on Monday that it released TTB Partners from the restrictions of making an acquisition offer. TTB approached the gaming technology company with its interest in making a fresh bid after Playtech shareholders rejected Aristocrat Leisure’s acquisition offer.

TTB, which is the parent of Hong Kong-based Gopher Investments, approached Playtech on behalf of an investor group for making the new offer. However, the company was restricted from making fresh bids as Gopher showed interest in acquiring Playtech earlier, but later retracted.

Further, Playtech’s CEO, Mor Weizer, and former Director, Thomas Hall, also approached TTB expressing their interest in participating in the investor group that is planning to make the offer.

A Better Deal?

Playtech, which already sold its financial division to Gopher Investments for $250 million, received a £2.7 billion bid from the Aristocrat that agreed to purchase the ordinary shares at 680 pence apiece. Though a majority of Playtech shareholders were in favor of the deal, it fell short of the approval of the necessary 75 percent shareholders.

As the deal fell through, Playtech opened the possibility of splitting its B2B and B2C divisions to find new buyers. The company will now form an independent committee to evaluate the possible offer from TTB or any other such proposals.

TTB did not come up with any figure for the London-listed company yet, but it earlier indicated that its offer will be at a higher value than Aristocrat.

“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,” Monday’s announcement by Playtech highlighted.