The popular gambling content creator Playtech has announced some important news for the company, as it became known that it has reached a consensus with a collaborator. It turns out that the TTB Partners fund, which closely works with the group, received a deadline extension for the acquisition of the company, now marked July 15.
Previous Developments
The former deadline for the group to make a decision on acquiring their partner enterprise was June 17. However, the board of directors made it known that it needed more time to negotiate various aspects of the agreement.
TTB Partners is a fund from Hong Kong, which has laid its eye on Playtech a few months ago. The director of the gambling giant, Mor Weizer, even chose to put a pause on his major position in the group so he could demonstrate his support for the bid.
Details
The shareowners of Playtech are expecting a lucrative offer to be made, which would be at least 2.7 billion GBP or more. The reason for this particular sum is the fact that it was previously offered by the Aristocrat group. Back then, the board of directors approved the deal, but the investors had a final say in it, disapproving of the consensus.
Nowadays, TTB’s probable deal is about to take place in a different economic climate, which makes the agreement more possible in today’s circumstances. Playtech has generated some serious revenue this year across all the units and is currently considering all possible options for the future of the enterprise.
The Group’s Statement
The shareowners that invest in the enterprise consider the extra discussions to be the best possible outcome, as it will give them more time to make the best decisions in everyone’s interests. Therefore, the final deadline by which the possible acquirer should say its final word was requested to be extended.
This request was sent to the commission that specialises in mergers. As a result, the final decision by this panel was to grant the permission for time extension.
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