Well it looks like the sale of Playtech isn’t dead quite yet.
After its shareholders rejected the sale of the company to Australia’s Aristocrat Leisure Ltd (ASX:ALL) for 680p per share (or £2.1 billion) at the beginning of this month, Playtech has announced that its CEO, Mor Weizer, is joining a potential bid for the company by TT Bond Partners. Hong Kong based TTB, via its Gopher Investments arm, is currently in the closing phases of acquiring Playtech’s Financials arm, Finalto, for $250 million.
Playtech said that TTB indicated to the Board in a letter dated 3 February 2022 that it expects any offer, if made, will be at a higher value than the recommended cash acquisition by Aristocrat (i.e. 680p per share). And yesterday, on 20 February 2022, Playtech’s Board was notified by Mor Weizer, Director and Chief Executive Officer of Playtech, that he wishes to explore participating in the investor group formed and advised by TTB in considering a possible offer for the Company. Mr. Weizer and Thomas Hall, a former Director of Playtech, have approached TTB with their interest in participating in the investor group.
The Playtech Board will now form an independent committee consisting of the Playtech Directors excluding Mr. Weizer (the “Independent Committee”) to consider all matters relating to any possible offer from TTB and any other M&A proposals Playtech receives. The Independent Committee is and will remain especially mindful of their obligations to Playtech stakeholders and the requirements of the Code.
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