Playtechs present chief executive, Mor Weizer, and prior CEO (currently an investor) Tom Hall, have voiced their frustration as negotiations with TTB Partners concerning a possible acquisition have dissolved.
Both Weizer and Hall had earlier indicated a willingness to partake in TTB’s proposal, essentially supporting the investment consortium that had been particularly established to purchase Playtech. This desire was conveyed back in February 2022.
This development follows an unsuccessful takeover bid by Australian gaming machine behemoth, Aristocrat Leisure, in October 2021. Their $2.7 billion proposition was ultimately rejected due to insufficient shareholder backing.
Although there were encouraging indications in May 2022, with Playtech announcing favorable advancements in the discussions with TTB, matters appeared to reach an impasse. This prompted Playtech to prolong the negotiation cutoff from June 17th to July 15th.
“It is regrettable that our intended involvement with the TTB investor group will not yield a formal proposal for Playtech,” remarked a Buchanan Communications spokesperson representing Weizer and Hall. “The worldwide economic and market circumstances have been demanding since February, rendering it infeasible to construct the appropriate framework for this fresh endeavor.”
Were grateful to the TTB and the Playtech leadership team for their collaboration. Their priority is the well-being of all stakeholders, particularly those who have put their trust and capital into the company.
Mor Weizer has demonstrated exceptional leadership at Playtech, and he’s committed to continuing in this role with the same drive and strategic direction. Tom Hall is also staying on, reflecting his confidence in Playtech’s future. Both Mor and Tom believe that Playtech’s true value significantly surpasses its present market valuation on the London Stock Exchange.”