Published
OnlineMergers & AcquisitionsIndustry

Playtech CEO gives backing to TTB takeover bid

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. 

playtech

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.

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
 
 
Premium Connections
The Global Gaming Awards are the most trusted and prestigious Awards in the gaming industry, recognising and rewarding the strongest performers across the previous 12 months.
25 Sep 2022

Global Gaming Awards Las Vegas 2022: Full Shortlist revealed

Gambling Insider and Gaming America are delighted to share the Shortlist for the 2022 Global Gaming Awards Las Vegas.

Life after M&A

Pariplay CCO Enrico Bradamante speaks to the GI Huddle about...

Global Gaming Awards Asia 2022: Winners revealed

The winners of the inaugural Global Gaming Awards Asia have...

Coming to America

Interblock Global CEO John Connelly speaks to Gambling Insid...

The supplier story so far

Gambling Insider speaks with leading executives from Relax G...

Read Magazine