Playtech Receives Acquisition Bid Approach from Gopher-Parent TTB

A day after Playtech shareholders rejected the Aristocrat Leisure acquisition bid, the London-headquartered company said that it has been approached by TTB Partners on behalf of an investor group with a possible takeover offer for the company.

TTB approached Playtech on Wednesday after the result of shareholders voting on the Artistricat’s offer, asking to release it from certain restrictions that will allow TTB to come up with a possible offer.

“This release was requested to allow a possible offer for the Company to be considered. The Board confirms that it has given the requested consent to TTB,” Playtech noted in its Thursday statement.

In addition, the online gambling software maker pointed out that there is neither any certainty that TTB-led investors will make an offer nor the terms of an offer. However, Playtech clarified that, if any offer is to be made, it is likely to be in cash.

A Lucrative Company to Acquire?

Interestingly, TTB is the parent of Hong Kong-based Gopher Investment that acquired Finalto, the financial division of Playtech, for a total cash consideration of $250 million. That deal already received Playtech shareholders' approval and is likely to be closed in the second quarter of 2022.

Earlier, Gopher approached Playtech with interest in acquiring the company but backed out before making an official offer. That pull-out imposed restrictions on TTB for making another offer for Playtech, which the firm now requested for removal.

Meanwhile, Aristocrat’s £2.7 billion ($3.7 billion) bid for Playtech was rejected, despite the majority of shareholders favoured the deal. According to Playtech, 56 percent of its shareholders voted in favour of the bid, whereas a minimum of 75 percent is required for approval.