Playtech grants TTB four-week extension for acquisition offer
The supplier moved up the deadline to allow time for further negotiations.
Playtech has extended TTB Partners’ deadline to submit a purchase offer for the supplier. The new deadline is July 15, 2022.
The company’s independent committee granted the extension to the previous deadline set by Rule 2.6 of its code.
The rule stated that TTB must announce whether it intends to make Playtech another offer by 5pm on June 17, 2022, which is the 28th day following the restriction period’s expiration date. If the company chose not to make another offer, the announcement would have fallen under the guidelines of Rule 2.8.
The company will apply the same conditions to the extended deadline as it did the previous one, with further announcements falling under Rule 2.8 if TTB does not make an offer.
Playtech approved the extension to allow for extra time for further negotiations. The supplier said in an official statement that it believes pushing the deadline up another four weeks will be advantageous for the company’s stakeholder and shareholders.
The company said in a statement: “Discussions between the Company and TTB are ongoing, and progress continues to be made. At present, the Independent Committee believes allowing additional time for discussions to further develop is in the best interests of the Company’s shareholders and other stakeholders.”
Playtech recently signed a strategic partnership with Canadian online casino and sports wagering company, NorthStar. The partnership came weeks after the launch of Playtech’s live casino facilities in two US states. Its intention is to next expand into other international markets.
Under the terms of the agreement, the supplier will provide its IMS platform for use across all NorthStar Gaming’s platforms, in accordance with the terms of the contract.
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