Gaming software maker Playtech (PTEC) shot to the top of the FTSE 250 leaderboard on Thursday with the shares gaining 13% to 663p after it reopened takeover discussions with its second largest shareholder, TTB Partners on behalf of an investor group to be formed and advised by TTB.
The Hong Kong based group is an investment advisory firm backed by investors with experience in gaming and financials which pulled out of the bidding for Playtech in November after being outbid by Australian listed firm Aristocrat.
BACK IN PLAY
Aristocrat’s 680p cash offer failed to muster enough votes be ratified by shareholders yesterday, opening the door for TTB Partners to go back for a second bite at the cherry.
Under stock exchange rules, TTB was locked out of making another offer until May 2022, but the Playtech board has released it from the restriction.
Separately, Gopher, an affiliate of TTB had already agreed to purchase Playtech’s financial trading division Finalto for $250 million which is expected to close in the second half of the year.
The questions now faced by investors are what price could be extracted from the new interested party and whether other suitors appear on the radar.
A consortium backed by Eddie Jordan Mr Keith O'Loughlin, JKO Play Limited made a preliminary approach to acquire the company in November.
