Current and former Playtech CEOs disappointed at ending of TTB offer discussions
The current and former CEOs of Playtech have expressed their disappointment at the ending of discussions regarding the potential offer for the company from TT Bond Partners (TTB).
Current Playtech CEO Mor Weizer, and former CEO and current investor Tom Hall both expressed their intentions to participate in a potential offer for the group by TTB in February 2022, essentially giving their backing to be involved with the investor group set up for the sole purpose of acquiring the company.
Australian gambling machine manufacturer and industry giant Aristocrat Leisure had previously put a $2.7bn takeover bid to the board in October 2021, but it failed due to a lack of shareholder support.
In May 2022, Playtech noted in a trading update that positive progress had been made with the TTB investor group, but discussions had seemingly stalled when Playtech extended the submission deadline from 17 June to 15 July.
“It is disappointing that our proposed involvement with the TTB investor group has not evolved into a formal offer for Playtech,” read a statement from Buchanan Communications, acting on behalf of Weizer and Hall. “Challenging global economic and market conditions which were not present in February made it impossible to create the right structure for a new company.
“We are grateful to TTB and the Board of Playtech for engaging in the process, which was entirely aimed at delivering value for all stakeholders, particularly for its investors.
“Mor has remained Playtech’s CEO throughout the period and has run the company with his typical insight and enthusiasm and this will continue. Tom Hall remains a committed Playtech investor. Both Mor and Tom believe that Playtech is significantly undervalued as a listed company on the UK stock market.”
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