Playtech shares jump 10 per cent on news of fresh takeover bid
Playtech’s share price soared by as much as 10.6 per cent today after it emerged that TTB Partners is angling to make a fresh takeover bid.
Gambling technology company Playtech confirmed that TTB, an affiliate of former suitor Gopher Investments which dropped out of the contest in November, has requested for restrictions preventing it from making an offer to be lifted.
It comes after a dramatic shareholder meeting yesterday which saw Playtech investors vote down a £2.7bn offer from Australian gambling giant Aristocrat, despite a favourable recommendation by the board.
“This release was requested to allow a possible offer for the Company to be considered,” Playtech confirmed.
“There can be no certainty as to whether this will result in an offer for the Company, nor as to the terms on which any offer might be made. However, any offer, if made, is likely to be in cash,” the statement continued.
The contest to purchase Playtech has taken a series of bizarre twists. Aristocrat first made an offer for Playtech in October, propelling the company’s share price to heights of 680p and kicking off a battle between suitors.
Gopher Investments, which is in the process of buying Playtech’s financial trading investment division Finalto made an unsuccessful bid. Then came JKO Play, a consortium of investors which included former F1 boss Eddie Jordan, which was reportedly planning to offer more than £3bn.
After winning the assent of Playtech’s board it looked like Aristocrat was on track for victory. However, the approach was blocked earlier this week by a block of super-rich Hong Kong based investors which included heiresses and football club owners who bought a 28 per cent stake in the company after Aristocrat’s initial offer sent share prices soaring.
A crucial vote on Wednesday saw Aristocrat’s bid was approved by just 56 per cent of shareholders, below the 75 per cent acceptance level needed for the scheme to pass.
Trevor Croker, the chief executive of snubbed suitor Aristocrat, said the company was “disappointed” its offer was rebuffed. He said developments were “highly unusual and largely beyond Aristocrat’s control,” blaming the emergence of “a certain group of shareholders who built a blocking stake” for the collapse of the sale.
According to a statement TTB will have to make a firm offer by a deadline of 15 July 2022.
Read more: Playtech investors block £2.7bn Aristocrat takeover bid