Playtech Responds to Gopher’s Push to Halt Finalto Sale

Playtech issued an official response on Wednesday to the recent press release from Gopher Investment. The online gaming Technology Provider Technology Provider A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro Read this Term has affirmed its earlier recommendation for the sale of Finalto to the Consortium led by the Barinboim Group.

As Gopher disrupted the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term deal ahead of the final shareholder voting by making an offer of $250 million at a 47 percent premium to the base proposal offered by the Consortium, Playtech adjourned its general meeting.

Playtech already signed a binding agreement with the Consortium for Finalto’s acquisition that prohibits it from initiating talks with any third party at this stage to sell Finalto.

Unsatisfactory Answers

But, with permission from the Consortium, it sent a set of questionnaires to Gopher that are specific to the funding structure, source of funds, ultimate ownership and Gopher’s ability to obtain the required regulatory clearances. However, the responses were clearly unsatisfactory, which led Playtech to republish its Finalto sale recommendation in favor of the Consortium.

In a consequent press release issued by the Hong Kong fund on Tuesday, it expressed its disappointment and stated that it provided all the necessary materials. It again requested Playtech shareholders to vote against the Finalto deal.

“Playtech does not recognize Gopher's characterization of the chain of events to which it refers in its press release of 3 August 2021. If Gopher is willing to provide the requested information, Playtech would welcome Gopher doing so,” Playtech stated on Wednesday's response.

In addition, the company pointed out that ‘the proposal received from Gopher is uncertain in terms of its deliverability, principally because it remains not binding in nature and subject to a number of conditions.’

Furthermore, Gopher mentioned that it ‘understands that Playtech may have received interest in Finalto from other potential acquiring parties since the date of the adjournment’, but Playtech clearly rejected these claims stating: “Playtech confirms it is not aware of having received any such interest.”