Playtech shares up 5% as TTB granted offer extension to July 15
Shares of online gaming and financial services company Playtech plc (LON:PTEC) traded up by 5% on Friday morning, after the company announced that it was extending the deadline for potential bidder TTB Partners Limited to make a formal offer for the company.
Hong Kong based TTB, which is separately buying Playtech’s financial trading arm Finalto, now has until July 15 to decide on making a formal offer for Playtech, or withdrawing its interest. The extension of the original June 17 deadline (i.e. today) was made in conjunction with the UK Panel on Takeovers and Mergers.
Playtech said that discussions between the company and TTB are ongoing, and progress continues to be made. As such, the Independent Committee of Playtech’s board believes allowing additional time for discussions to further develop is in the best interests of the company’s shareholders and other stakeholders.
In an interesting twist to the story, Playtech CEO Mor Weizer might be joining the TTB bid for the company, if it emerges.
At 553p, Playtech shares are still well below the 680p per share all-cash offer for the company made late last year by Australia’s Aristocrat Leisure Ltd (ASX:ALL), which was ultimately rejected by Playtech shareholders in a February vote.