The advisory contract between Playtech plc and TTB Partners Limited has expired. The company had signed a temporary agreement to advise TTB, a deal Playtech had officially confirmed in February 2022.
Under the terms of the agreement, TTB was bound by restrictions for a six-month period. TTB requested that Playtech release the company from those restrictions by May 20, 2022, in accordance with Rule 2.8 of the company code. The release would allow for consideration of additional offers.
Playtech’s Independent Committee of the Board noted and acknowledged its restricted period with TTB has expired by the previously decided due date.
Rule 2.6 of the company code states 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 chooses not to make another offer, the announcement will fall under the guidelines of Rule 2.8.
A deadline extension may be allowed if the Panel of Takeovers and Mergers consents, per the conditions written in Rule 2.6 of the company code.
Discussions between Playtech and TTB Partners Limited for another offer continue, and Playtech reports ongoing progress. The company’s Independent Committee is aware that for the last 15 weeks TTB has been considering another possible offer.
However, there has been no official offer made at this time.
As of now, the company has not claimed it is certain there will be an additional offer, and no specific terms for another agreement have been established.
