Playtech CEO Weizer Willing to Join Investors behind TTB Partners
British gambling software maker Playtech continues to be making the headlines after an official statement today revealed its chief executive officer and a former director are willing to join the group of investors behind the latest candidate to acquire the company.
CEO Backs Potential Buyers
Playtech stated chief executive officer Mor Weizer and former company director Thomas Hall informed the company of their interest to participate in the latest takeover approach led by TTB Partners.
Earlier in the month, the boutique investment and advisory firm regulated by the Securities and Futures Commission of Hong Kong had its request to be released from restrictions under the City Code on Takeovers and Mergers granted by Playtech to clear the way for a fresh bid within the next weeks.
TTB Partners, which is the second-largest shareholder at Playtech, participated as an advisory to Gopher Investments, another Playtech shareholder, that was mulling to acquire the business but its takeover approach last year did not materialize in a firm offer.
Following the interest to join the group of investors declared by Weizer, he will be excluded from the independent panel of directors Playtech will be forming to consider matters related to a possible bid from TTB Partners or any other interested party, Playtech outlined in the statement.
The request from TTB Partners followed shortly after the shareholder meeting that failed to produce an approval for Aristocrat’s £2.1 billion ($2.85 billion) acquisition offer tabled in October and recommended by the Board of Directors. Playtech shareholders voted in favor of the proposal but votes could not reach the required threshold of 75% of shareholder capital.
Exploring the Proposal
In a separate statement today, TTB Partners said it agreed to explore the proposal to join the group of investors put forward by Weizer and Hall.
It is not clear who are the investors behind the latest approach to acquire reportedly the largest gambling software maker in the world led by TTB Partners but many believe these are the new Asian Playtech shareholders, Birmingham City FC owner Paul Suen, Hong Kong heiress Karen Lo and professional poker player Stanley Choi.
According to earlier reports, the power exerted by the new shareholders spooked from materializing a firm offer JKO Group, a consortium led by former F1 team owner Eddie Jordan that was another candidate to table a bid for Playtech. JKO was reportedly concerned that such an offer would be blocked by the new shareholders.
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