Playtech PLC - FTSE 250-listed gambling software firm - Extends deadline for TTB Partners Ltd to make a takeover offer for the company.
The Hong Kong-based finance company expressed interest in making an all-cash offer for Playtech back in February, after Playtech shareholders voted down a GBP2.1 billion offer from Australia's Aristocrat Leisure Ltd.
"Discussions between the company and TTB are ongoing and progress continues to be made," firm adds. "At present, the Independent Committee believes allowing additional time for discussions to further develop is in the best interests of the company's shareholders and other stakeholders."
TTB now has until July 15 to make a firm offer or walk away.
TTB Partners is an affiliate of Gopher Investments, which had previously confirmed it would not make an offer for Playtech. As a result, TTB Partners was prevented from making an offer under the restrictions of the UK takeover code for a period of six months.
Gopher has recently acquired Playtech's financial trading arm Finalto for an enterprise value of USD250 million but had decided against making an offer for the entire company.
Current stock price: 557.50 pence, up 5.6% on Friday
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By Paul McGowan; paulmcgowan@alliancenews.com
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Playtech (PTEC)