Playtech CEO Backs TBB Takeover

Playtech CEO backs TBB takeover bid and wishes to participate with Asian investors.(Photo by Adamr on Pixabay)

The extended battle for the purchase of Playtech may have just taken another dimension. This is due to the new information that has come to light. Mor Weizer, the Director and Chief Executive Officer of Playtech, has expressed a desire to take part in the investor group put together by TTB Partners.

Playtech Sheds Light on the New Development

After various speculations flying around the media, the group has released some information. It has been stated that both Thomas Hall, who was once a director at Playtech, alongside Weizer, have reached out to TTB to indicate their desire to participate in the group.

Playtech noted that TTB partners reached out early in the month after Aristocrat’s proposed £2.7bn investment was rejected. The rejection came after the overall votes cast by shareholders did not make it to the 75 percent minimum threshold required for the transaction to be approved.
TTB partners Limited contacted Playtech as a representative of an investor group to be created and advised by it. The company wanted to free itself from rule 2.8 of the Mergers and Acquisitions city code.

Affiliate of TTB Confirms It Is Not Placing an Offer

However, an affiliate of TTB, Gopher investments, made it known that there was no plan to make an offer for Playtech. This was earlier in November 2021, and as a result, the group was constrained by the imposed restrictions for six months. This restriction was slated to end on the 20th of May 2022.

More information shared shows that TTB has informed the board that any new offer it makes will be higher than the proposed £2.7bn placed by Aristocrat. Afterwards, Playech’s board will now put together an independent committee consisting of directors’ asides from Weizer. He will not be on this committee since he has decided to be part of the investor group. The committee will aim to deliberate all matters that have to do with any likely offer from TTB alongside other M&A proposals it may get.

According to the company, “ The independent committee will continue to be mindful of their duty to every stakeholder in Playtech, alongside the code requirements.” It also added that it was not a declaration of an offer under Rule 2.7 of the code. There was no certainty regarding if Mr. Hall or Mr. Weizer will partake in the TTB investor group, nor if a new offer on the company will be declared, nor is there any certainty on the likely terms of the offer.

Failed Moves to Takeover Playtech so Far

This is not the first time an insider has made moves to acquire Playtech, and this is understandable since Playtech is a leading developer of live casino games and video slots. Playtech live casino games are highly entertaining and are loved by tons of players. Therefore, numerous companies are looking to quickly claim ownership of the developer now that it is on the market.

Just recently. Gopher Investments, a shareholder with a 4.97 percent stake in Playtech, agreed to purchase the Finalto financial services divisions of the company. This is a move that was in line with one of the key requirements of Aristocrat’s attempted acquisition of the firm.

However, just a day after JKO play entered the pursuit, Gopher dropped out in November. But, JKO play also withdrew from the chase last month after concerns that some Asian investors were making plans to obstruct the deal. Although JKO Play did not release any official statement regarding why it did not continue to pursue the deal, reports from the Financial Times claim that three individuals who were a part of the process stated that this was the major reason.

What Does the Future Hold?

There is an indication that the bid from TTB will most likely be the successful one. This is because it now has the backing of the past and present CEOs of Playtech. But when it comes to acquisitions, we never can tell, so we keep our eyes out for any surprises. We will keep you updated as any new development occurs.

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