Playtech announced last Friday that it is extending the deadline for TTB Partners to present a purchase offer until July 15. It is now up to TTB to declare its intention to make an offer or not before that date.
The previous submission deadline was precisely June 17, the day of this latest announcement. In this regard, Playtech assures that this time will allow progress in additional negotiations "in the best interest of the company's shareholders and other interested parties."
We must remember that Playtech 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. This is because TTB advised affiliate Gopher Investments on a failed Playtech takeover proposal last year.
Additionally, and as we reported last February, both Playtech CEO Mor Weizer and former CEO Tom Hall expressed their desire to support the acquisition.
TTB has told Playtech's board that it values the company above the 680 pence per share offered by Aristocrat. But Playtech stresses that “there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.”
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