Another extension for TTB
Playtech is one of the biggest iGaming companies in the world - but the company has had some trouble with bidders and takeovers. Earlier this year, Aristocrat's £2.7bn was rejected by shareholders.
In May 2022, TTB showed interest in the company and was given a deadline of June. However, this has now been extended to July giving TTB more time to put together a proposal and offer.
The new extension
This new deadline extension comes after Playtech stated that it had received the approach to complete the sale of its trading division to Gopher.
Originally, the Asian investment company was given until 5pm on the 17th of June 2022 to announce a bid. TTB has now been given another month to reach a decision on whether the company attempts to buy Playtech.
This deadline could be extended even further if the panel decides on providing extra time to TTB. Playtech further stated that there is no certainty that TTB will submit a takeover for the business, but believes the extra time is in the best interests of shareholders and stakeholders.
Playtech said the independent committee believes allowing additional time for discussions to further develop is in the best interests of its shareholders and other stakeholders.
Held back by restrictions
Primarily, TTB approached Playtech in February 2022 for a possible bid but there were certain restrictions in hold that held back TTB from making an official offer. Ultimately, these restrictions came as a result of its role in advising Gopher Investments which is a minority shareholder in Playtech.
These restrictions are part of the City Code on Takeovers and Mergers. Gopher registered an interest in buying Playtech before Aristocrat in November 2021 but dropped out a few weeks later.
If TTB does go through with the deal, then Playtech is expected to remain publicly listed instead of private. There are also talks within Playtech's board that the business could be broken up and sold off in parts.