A boutique investment firm in the running to purchase Playtech has declared that it has no intention to put forward an offer.
Hong Kong-based TTB Partners had been given until 5pm tomorrow by the City Takeover Panel to reveal whether it would make a bid for the gambling software developer or walk away.
Discussions over a possible takeover of Playtech by TTB were first confirmed back in early February following the failure of a deal involving Australian slot machine manufacturer Aristocrat Leisure.
Long time: Talks over a possible takeover of Playtech by TTB were first confirmed in early February following the failure of a deal involving slot machine operator Aristocrat Leisure
Talks progressed very slowly, with analysts at Peel Hunt once describing them as operating at the pace of a 'council of snails,' which they claimed may have been due to market volatility.
Yet due to 'challenging underlying market conditions,' TTB said it would not submit a proposal, though the group added that it remained supportive of Playtech's strategy, business prospects, and the company's management.
Following the announcement, Playtech shares tumbled by 18.2 per cent to £4.22 on Thursday, making the firm the second-biggest faller on the mid-cap FTSE 250 Index, behind the Danish consumer review website Trustpilot.
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Current and former Playtech chief executives Mor Weizer and Tom Hall said: 'It is disappointing that our proposed involvement with the TTB investor group has not evolved into a formal offer for Playtech.
'Challenging global economic and market conditions which were not present in February made it impossible to create the right structure for 슬롯사이트추천 a new compa
r />Yet while the prospective takeover has failed, Playtech reported an 'excellent' performance during the first half of the financial year, driven partly by healthy results from Snaitech, an Italian sports betting opera
r />The group noted impressive results across both its main business-to-business and business-to-consumer arms, with the former division buoyed by 'very strong momentum' in the Ameri
r />As a result, the Isle of Man-based firm, whose clients have comprised some of the UK's largest bookmakers, including Ladbrokes, Betfair and William Hill, expects to post first-half adjusted underlying earnings of over €200mi
Mor Weizer said the company 'carries strong momentum going into H2 2022 and continues to perform very well across its core B2B and B2C busin
'This performance reflects the quality of our market-leading technology offering and the hard work and commitment of our talented
'We remain confident in our long-term growth prospects and, in particular, our ability to benefit from the structured agreements that are already allowing Playtech to access newly opened gambling mar
Founded in Estonia in 1999 by Israeli billionaire Teddy Sagi, Playtech develops software for online gaming applications ranging from fixed-odds arcade games to internet poker, bingo and sports be
As well as famous gambling businesses, the group has also created games for the media conglomerates News Corp and Warner Bros, the latter of which gave it a contract to make slot games based on DC Comics m
It was listed on the London Stock Exchange in 2006 and has offices in 24 countries employing around 6,400 people, according to the company's webs
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Hong Kong-based TTB Partners had been given until 5pm tomorrow by the City Takeover Panel to reveal whether it would make a bid for the gambling software developer or walk away.
Discussions over a possible takeover of Playtech by TTB were first confirmed back in early February following the failure of a deal involving Australian slot machine manufacturer Aristocrat Leisure.
Long time: Talks over a possible takeover of Playtech by TTB were first confirmed in early February following the failure of a deal involving slot machine operator Aristocrat Leisure
Talks progressed very slowly, with analysts at Peel Hunt once describing them as operating at the pace of a 'council of snails,' which they claimed may have been due to market volatility.
Yet due to 'challenging underlying market conditions,' TTB said it would not submit a proposal, though the group added that it remained supportive of Playtech's strategy, business prospects, and the company's management.
Following the announcement, Playtech shares tumbled by 18.2 per cent to £4.22 on Thursday, making the firm the second-biggest faller on the mid-cap FTSE 250 Index, behind the Danish consumer review website Trustpilot.
RELATED ARTICLES
Previous
1
Next
'The council of snails': Gaming software firm Playtech STILL... Gaming software firm Playtech sees earnings jump as talks... Playtech takeover saga could run until mid-July after... Playtech shares jump 13% as group confirms TTB takeover...
Share this articleShare
Current and former Playtech chief executives Mor Weizer and Tom Hall said: 'It is disappointing that our proposed involvement with the TTB investor group has not evolved into a formal offer for Playtech.
'Challenging global economic and market conditions which were not present in February made it impossible to create the right structure for 슬롯사이트추천 a new compa
r />Yet while the prospective takeover has failed, Playtech reported an 'excellent' performance during the first half of the financial year, driven partly by healthy results from Snaitech, an Italian sports betting opera
r />The group noted impressive results across both its main business-to-business and business-to-consumer arms, with the former division buoyed by 'very strong momentum' in the Ameri
r />As a result, the Isle of Man-based firm, whose clients have comprised some of the UK's largest bookmakers, including Ladbrokes, Betfair and William Hill, expects to post first-half adjusted underlying earnings of over €200mi
Mor Weizer said the company 'carries strong momentum going into H2 2022 and continues to perform very well across its core B2B and B2C busin
'This performance reflects the quality of our market-leading technology offering and the hard work and commitment of our talented
'We remain confident in our long-term growth prospects and, in particular, our ability to benefit from the structured agreements that are already allowing Playtech to access newly opened gambling mar
Founded in Estonia in 1999 by Israeli billionaire Teddy Sagi, Playtech develops software for online gaming applications ranging from fixed-odds arcade games to internet poker, bingo and sports be
As well as famous gambling businesses, the group has also created games for the media conglomerates News Corp and Warner Bros, the latter of which gave it a contract to make slot games based on DC Comics m
It was listed on the London Stock Exchange in 2006 and has offices in 24 countries employing around 6,400 people, according to the company's webs
DIY INVESTING PLATFOR
Stocks & shares Isa
Stocks & shares I
Easy investing
Capital at risk. Isa rules & T&Cs appl
Investment ide
Free fund deali
Free fund deali
0.45% account fee capped for shar
Flat-fee investi
N
£9.99 monthly fee
One free £5.99 trade per mon
Social investing
Social investing
Share investing
30+ million global community
Model portfolios
Investment accou
Free fund deali
Free financial coaching
Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independ
> Compare the best investing platform for you