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Playtech informs of takeover bid by TTB Partners
Playtech Plc notifies of TTB Partners takeover offer after the Aristocrat’s acquisition offer was collapsed as a result of the stakeholders’ general meeting on February 2.
TTB Partners Limited contacted the governance of Playtech after yesterday’s official meeting.
The Gopher Investments under TTB had withdrawn its takeover bid on November 19 for the acquisition of Finalto FX unit of FTSE costing $250 million. According to the Rule 2.8 of the Code on M&A, withdrawn companies are able to present a new bid only after six months.
The boutique finance firm aimed to present a novel takeover bid for the tech giant, so it had to apply for a release from restrictions.
This morning Playtech issued a statement which reads:
“There is no guarantee that this will result in an offer. However, any offer by TTB will probably be in cash”.
As a result of yesterday’s general meeting, the board of Playtech maintained 54.68 percent of shareholders’ votes, while the minimum threshold for the approval of Aristocrat’s acquisition was 75 percent.
Aristocrat’s bid was voted down by the Asian investors led by Tom Hall, the former CEO of Playtech, and Carson Yeung, the possessor of Birmingham City. Shareholders voting against the deal were 43.87 percent.
Brian Mattingley, the chairman of Playtech, commented on the rejected offer of Aristocrat, announcing that they would review alternative options.
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