Playtech Chief to Join with TBB in Takeover Bid

Playtech Chief to Join with TBB to help make a formal approach to take over the leading iGaming giant! (Image from Andrea Piacquadio at pexels.com )

In the latest twist in the ongoing saga at Playtech, Mor Weizer, the firm’s CEO might join up with a Hong Kong group of investors that want to take control of the iGaming company. Allegedly, Weizer has informed the board at Playtech that he wants to work with the TTB Partners to put together a potential offer for Playtech.

TTB Partners is the second-largest shareholder at Playtech after the investors bought up company shares at well over the market price in a bid to block a takeover by Aristocrat. On Monday, TTB Partners claimed that Weizer, along with Tom Hall, Playtech’s previous Chief Executive, had approached them about potentially working alongside the group of investors.

The Latest in a Series of Playtech Twist and Turns

Playtech, a British company that is listed on the London Stock Exchange, has attracted plenty of interest in recent months. After the firm admitted it was open to acquisition, Aristocrat, an Australian gambling firm, made the first move with a £2.7bn offer. However, with several other interested parties including Gopher Investments, a TBB owned company, and JKO Play in the hunt, Playtech sensed a potential bidding war and set a shareholder vote on the Aristocrat offer for January 12.

Gopher Investments then made a bid of £3bn before withdrawing it a couple of weeks later. With Aristocrat firmly in the driving seat at this point, it looked likely that the deal would go ahead once the vote took place. However, a group of Asian investors had other ideas and bought up enough shares (28%) to veto Aristocrats bid. When the vote took place, just 55% of shareholders voted in favour, 20% short of the required number.

With the Aristocrat deal dead in the water and JKO Play then pulling out, as it seemed unlikely the investors would let any deal go through, it looked as if Playtech might have to break up the company. That was until TBB asked Playtech to allow them to make a fresh bid. Under the original deal offered by Gopher Investments, the firm was not allowed to make a new bid for the company within the next six months. Playtech agreed to TBB’s request but a bid has yet to come.

Who are these mysterious investors at TBB Partners?

TBB is a Hong Kong-based boutique investment firm that previously served as advisors for Gopher Investments when the latter prepared a takeover bid. However, that company is now allegedly representing a group of investors who are planning to make a fresh bid. That group vetoed the Aristocrat deal while refusing to connect with Playtech or Aristocrat while doing so. It is unclear who is in the group of how many investors are working together, but a quick look at the Playtech share register throws up some interesting names. There is Paul Suen, the owner of English Championship football club Birmingham City, a well-known professional poker player by the name of Stanley Choi, and Karen Lo, a Hong Kong heiress.

Fresh bid looking likely: Now that Playtech’s CEO has thrown his weight behind this group of investors, it is looking likely that a new bid for the company will come soon enough. We would have preferred Aristocrat to acquire such a leading iGaming firm as they have industry knowledge; however, it seems that as long as these investors remain interested; they are the likeliest to complete a takeover of the firm. Whatever happens, we will keep you updated!