Playtechs present chief executive, Mor Weizer, and previous chief executive (currently an investor) Tom Hall, have communicated their dismay that the purchase of the firm by TTB Partners (TTB) has collapsed.
Both Weizer and Hall had indicated their plan to engage in TTB’s prospective offer back in February 2022, essentially providing their support to become part of this investment collective explicitly established to procure the company.
This development follows Australian gaming machine manufacturer and sector leader, Aristocrat Leisure, having a $2.7 billion proposal for the business declined by the board in October 2021 after failing to obtain adequate shareholder approval.
Although a transaction update from Playtech in May 2022 declared that favorable headway was being achieved in negotiations with the TTB investor consortium, it appears discussions faltered after Playtech postponed a submission cutoff from June 17th to July 15th.
“It is disheartening that the possible agreement with the TTB investor group has not advanced to an official bid for Playtech,” stated a communication from Buchanan Communications, representing Weizer and Hall. “The demanding worldwide financial and market climate that has emerged in recent months has signified it has not been feasible to construct the appropriate framework for a fresh enterprise.”
We value the constructive dialogue we’ve maintained with both the TTB and the Playtech directors throughout these proceedings. A mutual objective has been to generate worth for all parties, particularly the stakeholders.
Mor Weizer will continue as Playtech’s Chief Executive Officer. His foresight and drive are indispensable to the firm, and his guidance will be critical moving ahead. Tom Hall also persists as a dedicated investor in Playtech. Both Mor and Tom strongly believe that Playtech is substantially underestimated by the market, especially as an organization traded on the London Stock Exchange.”