TTB Partners could become the latest contender for Playtech, but the Hong Kong-based investment and advisory firm only has until 17 June to formally throw its hat into the ring.
This follows on from an announcement made by Playtech in February, confirming that it had been contacted by TTB on behalf of an investor group.
Playtech said this group, to be formed and advised by TTB, sought its consent to release the Asian firm from its restrictions under Rule 2.8 of the City Code on Mergers and Acquisitions.
These restrictions prevented TTB from launching a bid for Playtech, and came into effect when Gopher Investments – an affiliate of TTB Partners – confirmed last November that it had no intention of making an offer.
Absent TTB’s release from these restrictions, they were set to expire six months on from Gopher’s confirmation, which is today: 20 May 2022.
Now, in accordance with Rule 2.6 of the City Code, TTB must by 5:00 pm on 17 June, “being the 28th day following the end of the Restricted Period,” announce its firm intention to make an offer or, conversely, that it does not intend to make an offer.
In an update, Playtech stated: “Discussions between the company and TTB are ongoing, and progress continues to be made.
“There continues to be no certainty that an offer will be made, or the terms on which any offer may be made.
“The Independent Committee is conscious that TTB has been considering a possible offer for Playtech for 15 weeks.”