Playtech Wants TTB’s Takeover Confirmation by June 17

Playtech (LON: PTEC) announced on Friday that the TTB Partners-represented investors should confirm their interest in the possible acquisition deal of the gaming technology provider by June 17.

The London-headquartered company detailed that the six months restriction period for TTB under 'Rule 2.8 of the Code' has expired on May 20.

However, TTB must come up with a decision if it wants to make an offer or does not want to make one by June 17, 2022, a deadline that has been kicked off under 'Rule 2.6 of the Code'. The Panel on Takeovers and Mergers can extend this deadline.

TTB Partners approached Playtech with its 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 intention in early February, after Playtech shareholders rejected a $3.7 billion all-cash offer made by Aussie gambling equipment maker, Aristocrat Leisure.

“Discussions between the Company and TTB are ongoing and progress continues to be made,” Playtech stated. “There continues to be no certainty that an offer will be made, or the terms on which any offer may be made.”

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

A Great Deal?

Earlier, Playtech received acquisition interest from a consortium led by JKO, which is controlled by former Formula One team-owner, Eddie Jordan and Keith O’Loughlin, a former executive at U.S. slot machine maker, Scientific Games. Even, TTB-subsidiary, Gopher wanted to bid, but later withdrew from the race and stuck with its commitment to acquire Finalto, Playtech's financial division.

Meanwhile, Playtech is doing very well on the business front and is focused on expansion. The company reported a 12 percent revenue jump in 2021 as both B2B and B2C businesses strengthened. It even reported an adjusted EBITDA of more than €100 million.