Online gaming giant Playtech has given bidder TTB Partners a deadline of June 17 to commit to making a bid to acquire the company. TTB asked Playtech to schedule the deadline after restrictions to do so under London’s City Code on Takeovers and Mergers expired.
Restrictions had been imposed after TTB advised Gopher Investments, a minority shareholder of Playtech, in Gopher’s own bid to acquire Playtech. Gopher pulled out of a three-way competition to acquire Playtech in November. Playtech shareholders subsequently rejected a takeover bid from Aristocrat Leisure Limited.
The restrictions expired May 20. Under the city code, TTB must either announce its firm intent to make an offer for Playtech or that it is not making an offer, by 5 p.m. on June 17.
“Discussions between the company and TTB are ongoing and progress continues to be made,” the Playtech board announced, according to iGaming Business. “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.”
Playtech’s board added that, should it receive a bid, shareholder value will be its top priority. “The independent committee continues to explore options for maximizing shareholder value, and reiterates the strong performance of the group, as announced to the market on May 5, 2022, which has continued through the month of April and into the month of May.”
