* 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)
Playtech (PTEC)
