Level 2

Playtech says TTB talks still ongoing after 15 weeks

By Frank Prenesti

Date: Friday 20 May 2022

(Sharecast News) - Gambling firm Playtech said talks with TTB Partner were still ongoing and "progress continues to be made" but added that it was "conscious that TTB has been considering a possible offer for Playtech for 15 weeks".
An independent committee formed by Playtech said it was still exploring options for maximising shareholder value, and said the group's strong performance has continued through April and into May.

TTB is Playtech's second largest investor and started talks after a bid from Australian firm Aristocrat Leisure was scuppered by a group of Asian investors with a blocking minority stake.

A deadline to make an offer was also announced, with TTB given until 17 June to make an offer or walk away.

"There continues to be no certainty that an offer will be made, or the terms on which any offer may be made," the firm said.

Playtech earlier this month said adjusted EBITDA for the first three months of the year topped €100m.

The strong performance was driven by both the B2B and B2C businesses, Playtech said. Meanwhile, Italian business Snaitech has seen the same trends continue from the second half of last year, with an "excellent" start to the year driven by the online business, retail recovery and favourable sports results.

In February Playtech said chief executive officer Mor Weizer was teaming up with TTB on a potential offer for the group.

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