Mor Weizer, Group Chief Executive of Playtech Plc, has revealed his intentions to help the bid of M&A suitor TTB Partners Limited, which seeks to acquire the FTSE250 gambling technology group. 

The board of Playtech disclosed Weizer’s intentions in an update to investors regarding the firm’s current outlook and status.

On 2 February, a collective of Asian investors, led by former Playtech CEO Tom Hall, rejected the ‘board-approved’ offer of £2.7 billion put forward by Aristocrat Leisure.

Following the conclusion of Playtech’s GM it was disclosed that Hong Kong investment fund TTB had notified the board of its intentions to submit a takeover offer on behalf of private investors.

“TTB confirms that on Friday 18 February 2022, it was approached by Tom Hall, a former CEO of Playtech, who indicated his interest in participating in the TTB Investor Group along with CEO Mor Weizer,” read this evening’s update.

“TTB has agreed to explore the proposal by Mor Weizer and Tom Hall to participate in the TTB Investor Group.”

Playtech ensured that Weizer’s participation will be in accordance with the terms of the London City Code on Corporate Takeovers.

As a result, the company has formed an independent committee, ‘comprising directors other than Weizer’ that will consider all matters related to proposed offers.

Playtech underlined that Weizer’s participation with TTB does not guarantee that a binding offer will be made for the company.  

City analysts continue to monitor Playtech developments closely. The sale of the technology group will have transformative consequences on the global online gambling marketplace, in which Playtech serves as the main supplier of platforms and systems for licensed tier-1 operators.    

Irrespective of its failed bid, the board of Aristocrat Leisure remains undeterred in its pursuit of expansion within the online gambling sector. It may well return with an ‘upsized deal’ to tempt Playtech investors in which the ASX group formerly cleared all previous deal hurdles.

Playtech investors will likely seek a significant premium on the firm’s deal valuation, as North America’s gambling blue chips seek to bolster their tech capacities.

Further twists and turns are expected as the sale of Playtech could not be considered as a straightforward affair.