Playtech Approached by TTB After Aristocrat Deal Collapse

(Bloomberg) -- Playtech Plc says it was contacted by TTB Partners about a potential takeover, the day after investors rejected an approach from Aristocrat Leisure Ltd.

Any offer, if made, is likely to be in cash, the British provider of gambling software said in a statement Thursday. TTB is an affiliate of Hong Kong-based Gopher Investments, which withdrew its consideration for Playtech in November. Playtech shares rose as much as 11.7% in early trading.

TTB’s approach came on Wednesday afternoon, when Playtech said the shareholder vote on Aristocrat’s cash offer of 680 pence per share for the company fell short of the 75% threshold for acceptance. Australia’s Aristocrat made its bid in October, and for much of the time since the shares have held above the offer price. 

The U.K. company then attracted interest from suitors including Gopher Investments, Playtech’s second-biggest shareholder, at 4.97% of the company. Gopher withdrew its consideration in November. 

TTB is an affiliate of Gopher, and the latter’s decision to step back from Playtech triggered a six-month restriction period, in accordance with U.K. rules.

Playtech said in Thursday’s statement this restriction could be lifted on the consent of its board, and that it would be willing to consider a possible offer from TTB. There’s no guarantee an offer will be made, according to the statement.  

The interest around Playtech is part of a global deal frenzy in the gambling market. The activity was kicked off by a 2018 U.S. Supreme Court ruling striking down a law that barred commercial sports betting in most states.

Sky News first reported TTB’s approach. 

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