CEO Weizer throws support behind TTB’s Playtech bid

Playtech chief executive Mor Weizer will “explore participating in” TTB Partners’ expected bid for the technology supplier, meaning he will recuse himself from Playtech’s own committee examining the proposal.

TTB Partners approached Playtech over a possible takeover after Australian slot manufacturer Aristocrat Leisure’s own bid to acquire the supplier was voted down by shareholders.

TTB had been under certain restrictions that would have prevented it from making a bid for six months after it advised Gopher Investments on its own effort to acquire Playtech. Gopher later opted not to make a firm bid for the business.

After receiving a request to do so, Playtech released it from these restrictions, allowing it to make an offer.

Now, both current Playtech chief executive Mor Weizer and former chief executive Tom Hall have approached TTB “with their interest in participating in the investor group”.

As a result, Playtech will now form a new independent committee – made up of all of its directors except Weizer – to review any matters related to the possible bid, as well as any other potential M&A offers Playtech could receive.

Prior to confirmation of the TTB talks, Playtech’s board said the business could be broken up and sold off in parts, a prospect first raised last month.

Currently, TTB has still not submitted a firm bid, and Playtech said that “there can be no certainty” over whether Weizer and Hall do end up in any investor group that does plan to make a bid.

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Author: Raymond Fleming