Mor Weizer teams up with Asia-based suitor in latest Playtech takeover twist
FTSE 250 supplier’s CEO working with TTB and Tom Hall on potential bid that would trump Aristocrat’s failed 680p offer
Playtech’s CEO is plotting a potential takeover bid for the igaming technology provider after linking up Hong Kong-based investment firm TT Bond Partners (TTB).
Yesterday, Sky News reported that Mor Weizer was collaborating with TTB and Tom Hall, Playtech’s former CEO known as ‘Hong Kong Tom’ and who has built a stake in the business, to take control of the sought-after firm.
Shortly after, Playtech confirmed in a statement that Weizer notified the board on 20 February that he “wishes to explore participating in the investor group formed and advised by TTB in considering a possible offer for the company”.
It was stated that no firm offer had been received, yet the board said TTB indicated that it expects any offer, if made, will be higher than the
680p per-share offer that Aristocrat tabled in October 2021.
The statement continued: “The board will now form an independent committee consisting of the Playtech directors excluding Mr Weizer to consider all matters relating to any possible offer from TTB and any other M&A proposals Playtech receives.”
TTB had advised on an earlier bid from Hong Kong-based Gopher Investments, which had already inked a deal to acquire Playtech’s financial trading arm, Finalto, for $250m, and has a 4.97% stake in Playtech.
Sky News sources said that Weizer, Hall and TTB – founded by ex-Goldman Sachs partner Teresa Teague and former Merrill Lynch banker Jonathan Bond –had only started working together within the last few days.
TTB was identified as a possible buyer on 3 February as Aristocrat’s £2.7bn takeover was voted down by shareholders on 2 February.
The day after Aristocrat’s failure to acquire Playtech, TTB was granted an offer period in which it is to confirm its intentions by 17 June 2022.
Another potential suitor was JKO Play, involving former Formula One boss Eddie Jordan and ex-Scientific Games exec Keith O’Loughlin, although no final offer was made.
Meanwhile, a group of investors based in the Far East headed up by Paul Suen Cho Hung, owner of Birmingham City and London’s Les Ambassadeurs casino, has built a 25%+ stake in Playtech since Aristocrat’s bid.
Playtech’s shares closed yesterday down 1.6% at 660p, although the stock is up 40% in the past 12 months due largely to the considerable takeover interest. Its market cap stands at £2bn.