TTB Partners Given until 15 July to Decide on Playtech Bid
Playtech (LON: PTEC) has extended the deadline for TTB Partners, the Asian-based investment group, to state its firm intention to make a bid for the company.
Initially, TTB was given until 5pm on 17 June to announce whether it would submit a bit. However, this has now been pushed back to 15 July, as discussions are still ongoing with Playtech.
According to Playtech, the independent committee believes that granting extra time for discussions is in the best interest of shareholders and other stakeholders. As such, the Panel on Takeovers and Mergers agreed to the extension. There is also a chance that the deadline will be pushed back for a second time if necessary.
Playtech has said that there is no certainty that TTB will be submitting a takeover offer. The investment group first approached Playtech in February, asking the gambling technology company to release it from certain restrictions so that it could put together an offer.
The restrictions, which are part of the City Code on Takeovers and Mergers, were a result of TTB’s role in advising Gopher Investments, a minority Playtech shareholder, about its potential takeover offer. Gopher registered an interest in a takeover in November 2021 but very quickly changed its mind.
The restrictions on TTB, which would have prevented the group from making an offer, remained in place for six months until 20 May. While Playtech decided not to lift the restrictions, once the deadline had passed, the initial deadline of 17 June was announced.
If a deal is reached with TTB, it is expected that Playtech will remain publicly listed rather than going private.
Before confirming the talks with TTB, Playtech’s board had put forward the idea of breaking the business up and selling it in parts. Earlier this week, Playtech announced that it has received all the necessary regulatory approvals to sell its Finalto financial trading division to Gopher. The sale was approved in December last year, and it is now expected to complete on 30 June.
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