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391.00 5.40 (1.40%)

Bid:

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Spread: 1.60 (0.41%)

Market Cap: £1.09b

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Playtech CEO mulls joining TTB group in possible takeover approach

Mon, 21st Feb 2022 15:14

(Alliance News) - Playtech PLC on Monday said Chief Executive Mor Weizer is exploring becoming part of TTB Partners Ltd's takeover tilt for the gambling software firm.

Playtech said it was notified over the weekend that Weizer wants to explore participating in the investor group formed and advised by TTB in considering a takeover offer for Playtech. Weizer and Thomas Hall, a former Playtech CEO, have approached TTB with their interest in participating in the investor group.

Playtech will now form an independent committee of directors, excluding Weizer, to consider all matters relating to any possible TTB offer.

TTB in a separate statement on Monday confirmed it was approached by Wezier and Hall.

"TTB has agreed to explore the proposal by Mor Weizer and Tom Hall to participate in the TTB investor group. Any such participation would be on terms compliant with the code," said TTB.

Playtech at the start of February said it had released TTB from UK takeover restrictions to entertain a potential bid for the entire FTSE 250 company.

One day after Playtech shareholders voted down the GBP2.1 billion acquisition offer from Aristocrat Leisure Ltd, the gambling software firm was approached by TTB, on behalf of a new group of investors that it will form and advise. The Hong Kong-based finance company expressed interest in making an offer for Playtech, and asked for its consent to do so.

Shares in Playtech were down 1.9% at 658.50 pence in London on Monday.

By Lucy Heming; lucyheming@alliancenews.com