Playtech Extends the Period of Negotiations with TTB Partners

Playtech Extends the Period of Negotiations with TTB Partners

Online casino software giant Playtech has decided to extend the deadline for TTB Partners to make a bid to acquire the former firm. This was disclosed by the casino content supplier’s board of directors this morning.

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Playtech and TTB Will Continue Negotiations Together

TTB Partners failed to submit a proposal by the June 17 deadline. According to the decision of Playtech’s board of directors, the Hong Kong-based fund will have an extra month to propose a transaction. According to the judgment, TTB Partners must now submit a proposal by July 15. Due to continuing talks between the two firms, the delay occurred. TTB Partners first stated its ambition to buy the supplier in February and has continued to pursue this objective since then. According to Playtech’s board of directors, the conversations are bearing fruit but are taking longer than anticipated. The Independent Committee asked the Panel on Takeovers and Mergers to extend the time for TTB to explain its intentions. This extension has been approved by the Panel. Playtech shareholders anticipate that TTB Partners’ proposal will trump Aristocrat Leisure’s previous offer. This company offered to purchase Playtech for $2.7 billion in February. Initially, the supplier was receptive to the offer, which led to board approval. However, its stockholders were not as enthusiastic and rejected the deal.

The Deal’s Future Is Still Uncertain

If TTB Partners expects to execute a purchase, it must provide Playtech investors with a favorable agreement. However, the fund may have an easier time concluding a transaction than Aristocrat. On the one side, Mor Weizer, the CEO of Playtech, enthusiastically supports the acquisition attempt. Changes in the global economic scene may persuade Playtech to accept whatever terms the fund proposes. The latter is still unknown, though, since Playtech’s shares continue to do very well despite a worldwide decline in IT market confidence. In addition, the company’s first-quarter financial figures are promising, as sales continue to grow.

According to a previous Playtech statement, the business wants to evaluate all possible circumstances and be adaptable to them. In light of this, Playtech is ready to continue discussions with TTB Partners rather than rushing to a conclusion. The board of directors of the firm feels that it is in everyone’s best interest to continue negotiating the transaction for an extra month and to enable the discussions to develop. In the meanwhile, Playtech continues to operate as normal. A few days ago, the business assisted NorthStar Bets, a casino operator, in entering the regulated market in Ontario.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.