After rejecting Aristocrat's $2.8 billion takeover bid, Playtech is back in the news. This time around, Playtech CEO Mor Weizer and a former company director, Thomas Hall, have approached TTB Partners with their interest in participating in a takeover approach of the group.
We must remember that only 55% of voting shareholders supported the Aristocrat deal, below the required 75% threshold.
In this regard, Playtech has agreed to release TTB (the company's second largest shareholder) from UK takeover rules that prohibit the parties or their affiliates from making a new offer for six months after withdrawing from a previous offer. Recall that TTB advised affiliate Gopher Investments on a failed Playtech takeover proposal last year.
Given these developments, there are three aspects to consider:
- TTB has told Playtech's board that it values the company above the 680 pence per share offered by Aristocrat.
- Playtech's board said it could form an impartial committee to consider any proposal.
- Both Playtech and TTB said there was no certainty that Weizer or Corridor would participate in TTB's investment group, nor that TTB would make a proposal. tor group, nor that TTB would make a proposal.
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