The continuing struggle to acquire Playtech has taken a new turn, with Hong Kong-based investment group TTB Partners confirming that it has made an approach to the gaming technology company.

TTB Partners new player in Playtech acquisition saga

 Following Aristocrat’s ultimately unsuccessful £2.7 billion pursuits, Playtech stated that it “was contacted by TTB Partners Limited on behalf of an investor group to be formed and advised by it” to be exempt from City Code Rule 2.8 on Mergers and Acquisitions.

On November 19, 2021, Gopher Investments, a TTB affiliate, announced that it had no intention of making an offer for Playtech, and as a result, the group was bound by the six-month restrictions, which were scheduled to expire on May 20, 2022. The board confirms that it has consented to TTB’s request,” the group confirmed. “There can be no assurance that this will result in an offer for the company, or that any such offer will be on favorable terms. However, any offer made will very certainly be in cash.”

Prior acquisition overtures were also made by Gopher Investments, a 4.97 percent shareholder that agreed to acquire Playtech’s Finalto financial services sector, fulfilling one of the primary conditions of Aristocrat’s proposed takeover of the company. However, Gopher withdrew from the competition in November, one day after JKO Play, a 0.51 percent shareholder in Playtech, entered the fray before exiting last month.

Yesterday, it was announced that Aristocrat’s offer had been rejected after the total number of votes cast in favor of the motion at a general meeting was 54.68 percent, well below the required minimum of 75 percent. In light of this, Playtech chairman Brian Mattingley stated that the board will consider different strategies, since the “process illuminated the core premium value of Playtech’s businesses.”

After announcing that it has been “actively exploring its alternatives for optimizing shareholder value in the event that the Aristocrat offer does not advance and lapses,” the group’s board of directors is now anticipated to seek a potential break-up of the company’s B2C and B2B sectors. 

Aristocrat expresses disappointment

Aristocrat, on the other hand, expressed disappointment as predicted, before going on to explain that events since the initial acquisition announcement in October 2021 have been “extremely unusual” and “essentially beyond” its control.

Trevor Croker, the firm’s managing director, and chief executive officer, stated that following the emergence of a group of shareholders who amassed a blocking holding, the group took “every feasible step to engage” in an attempt to advance or examine alternative transaction arrangements.