The present and past chief executives of Playtech have voiced their regret that buyout negotiations with TTB Partners have collapsed.
Mor Weizer, Playtech’s existing CEO, and Tom Hall, his forerunner and current stakeholder, had both indicated their desire to partake in a prospective purchase by TTB in February 2022. This effectively meant they were lending their support to an agreement with the investment syndicate, which had been explicitly assembled to acquire the gaming software behemoth.
This development follows a proposed $2.7 billion takeover attempt by Australian slot machine producer and industry leader, Aristocrat Leisure, which crumbled in October 2021 after failing to secure adequate shareholder backing.
Although there were optimistic signals emanating from Playtech in May 2022, with a trading announcement mentioning that deliberations with the TTB investor collective were advancing favorably, matters appeared to stagnate when Playtech postponed a submission cutoff from June 17th to July 15th.
“It is disheartening that the potential arrangement with the TTB investor group will not advance to a bid for Playtech,” a declaration from Buchanan Communications, representing Weizer and Hall, stated. “The demanding worldwide financial and market climate that has emerged in recent months has made it impossible to establish a suitable framework for a fresh entity.”
We are truly grateful for the collaborative efforts of the TTB and the Playtech board. They have demonstrated exceptional focus on achieving a mutually beneficial outcome, particularly for stakeholders.
Mor Weizer’s leadership as CEO of Playtech has been commendable, and he remains committed to his role. His vision and drive will continue to propel the company’s progress. Tom Hall will also maintain his involvement as a dedicated Playtech investor. Both Mor and Tom share the belief that the UK stock market currently undervalues Playtech’s true worth.”
