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Pin to quick picksPlaytech Share News (PTEC)

Share Price Information for Playtech (PTEC)

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UPDATE 2-Top investor Gopher clashes with UK's Playtech over bid for trading unit

Tue, 06th Jul 2021 10:38

* Gopher says Playtech statement did not "fairly reflect"
offer

* Urges shareholders to vote against Barinboim-led deal

* Activist investor SpringOwl backs Gopher's proposal
(Adds Playtech, activist, ISS comment)

By Pushkala Aripaka and Muvija M

July 6 (Reuters) - Playtech shareholder Gopher
Investments on Tuesday made a fresh case for its offer to buy
the gambling software maker's financial trading division, weeks
after Playtech agreed to sell the business to another group.

Hong Kong-based Gopher, Playtech's second-biggest investor
with a nearly 5% stake, said the London-listed firm's rejection
of its $250 million proposal on Friday did not "fairly reflect"
the merits of its offer.

Playtech in May agreed to sell the financial trading unit,
Finalto, to a consortium led by Israeli private-equity group
Barinboim for up to $210 million.

While Finalto is not a core asset for Playtech, founded more
than two decades ago by Israeli billionaire Teddy Sagi, it has
been rapidly growing, and market volatility brought on by the
pandemic has also made it a lucrative target for buyers.

Defending its proposal, Gopher said on Tuesday it had
already earmarked funds for a deal, and was confident of getting
all the necessary approvals. It also asked shareholders to vote
against the Barinboim-led proposal at a July 15 meeting.

"Gopher urges the Board to adjourn the General Meeting ...
and engage in discussions with Gopher to proceed towards a
recommended transaction that delivers materially better value,"
it said.

Playtech declined to comment on Tuesday but said last week
it was bound by the Barinboim-led deal, and the timing of
Gopher's proposal made it "very difficult" to assess the offer.
Barinboim was not immediately available for comment.

U.S. activist investor SpringOwl Asset Management, which has
for years said Playtech should sell Finalto, also backed
Gopher's offer in an emailed statement to Reuters on Tuesday.

"We support Brian Mattingley, the new (Playtech) Chairman,
and urge him to take this offer very seriously," SpringOwl CEO
Jason Ader said.

Playtech's biggest shareholder Setanta Asset Management, and
other major investors Schroders and Aberdeen Standard
Investments did not immediately respond to Reuters' requests for
comment.

Shareholder advisory group ISS has recommended investors
vote against the Barinboim-led consortium's offer.
(Reporting by Pushkala Aripaka and Muvija M in Bengaluru;
Editing by Rashmi Aich, Uttaresh.V and Emelia Sithole-Matarise)

More News
26 Jan 2023 11:08

IN BRIEF: Playtech expects earnings growth on Snaitech performance

Playtech PLC - Isle of Man-based gambling software development company - Says it has continued to perform strongly since interim results were released in September. Now expects adjusted earnings before interest, tax, depreciation and amortisation for 2022 of at least EUR400 million, up 26% versus EUR317.1 million in 2021.

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26 Jan 2023 08:22

Playtech sees sharp jump in annual earnings

(Sharecast News) - Gambling software maker Playtech said it now expected annual earnings to rise by at least a quarter, driven by its business-to-business a Snaitech operations.

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18 Jan 2023 09:47

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IN BRIEF: Playtech promotes deputy CFO McGinnis to permanent role

Playtech PLC - Isle of Man-based gambling software - Says Chief Financial Officer Andrew Smith plans to step down on November 28. Says Chris McGinnis will succeed Andrew as CFO on the same date.

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Playtech FD Andrew Smith to step down

(Sharecast News) - Gambling software specialist Playtech said on Tuesday that its chief financial officer was stepping down.

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12 Oct 2022 09:20

IN BRIEF: Playtech amends credit facility making cash interest savings

Playtech PLC - Isle of Man-based gambling software - Enters amended EUR277 million revolving credit facility until October 2025, with a further on-year extension option. The company has been reviewing its EUR530 million senior secured notes and its revolving credit facility, both of which mature in the fourth quarter of 2023. Also plans to redeem EUR330 million of the EUR350 million senior secured notes on November 16. Says this will be funded using current cash balance, with the amended revolving credit facility to remain undrawn. Expects this will result in cash interest savings of around EUR12 million in 2023. Adds that the remaining balance will be repaid at maturity, or sooner, taking annualised savings to EUR20 million.

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12 Oct 2022 07:52

Playtech agrees amended credit facility

(Sharecast News) - Gambling software maker Playtech said it had agreed an amended €277m revolving credit facility until October 2025, with a further one-year extension option.

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26 Sep 2022 08:58

Deutsche Bank nudges up price target on Playtech

(Sharecast News) - Analysts at Deutsche Bank slightly raised their target price on software firm Playtech from 602.0p to 607.0p on Monday after the group delivered a "strong" first-half performance and a "positive assessment" of short and medium-term prospects.

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22 Sep 2022 17:10

LONDON MARKET CLOSE: Stocks slide as BoE hikes and warns on recession

(Alliance News) - European markets suffered steep losses on Thursday, in a day dominated by central bank activity as monetary policymakers across the globe look to get a handle on inflation.

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22 Sep 2022 12:09

LONDON MARKET MIDDAY: BoE raises key UK rate by half point to 2.25%

(Alliance News) - Stocks in London were trading in the red at midday on Thursday after the Bank of England raised UK interest rates by half a percentage point to 2.25%.

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TOP NEWS: Playtech praises "excellent" performance despite profit drop

(Alliance News) - Playtech PLC on Thursday reported a significant decrease in profit, but said results were "ahead of expectations" due to large revenue growth.

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