Playtech CEO gives backing to TTB takeover bid

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Playtech CEO Mor Weizer has signalled his intention to participate in a potential offer for his company by TT Bond Partners (TTB), essentially giving his public backing to the takeover.

He is joined by former Playtech CEO, Tom Hall, who has also approached TTB, stating his desire to be involved with the investor group set up for the sole purpose of acquiring the company.

Playtech has been the subject of heavy takeover talk in recent months, specifically by Aristocrat Leisure, an Australian gambling machine manufacturer and industry giant. Its $2.7bn takeover bid was put to the board on 17 October 2021, though failed due to lack of shareholder support.

It appears as though this bid from TTB is more likely to succeed, especially now given the backing of its current and former CEOs. Weizer must now distance himself from any board deliberations on the acquisition offer, following his decision to involve himself in the investor group.

Describing the next stage of the process, a release from Playtech said:

“The Board will now form an independent committee consisting of the Playtech directors excluding Mr Weizer, 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 law.”

It is expected that any incoming takeover offer from TTB will eclipse the cash bid tabled by Aristocrat Leisure last year, which valued each share at £6.80 ($9.26). Its current share price sits at £6.57.

Previously, Playtech has been the subject of much speculation about the sale of either all, or part, of its assets.

Gopher Investments, which purchased the Finalto division of Playtech in December 2021, was expected to table a full bid for the company. Additionally, JKO Play, an investment company in the gaming sector led by Formula One’s Eddie Jordan, dropped out of the race in January 2022.

Source: gamblinginsider.com