Playtech receive $250 Mln offer for its financial trading arm Finalto
Gopher Investment a 4.97% shareholder in Playtech plc and an affiliated entity of TT Bond Partners, has announced that it has made an indicative offer to the Board of Directors of Playtech to acquire Finalto for USD 250 million in cash.
This represents a 47% premium to the base proposal offered by Finalto’s management team backed by a consortium led by Barinboim Group.
Gopher’s all-cash Offer includes no deferred or contingent component, delivering full value up front and allowing Playtech to receive proceeds with certainty and in full on completion, securing the clean break which the Board has declared as an objective of the transaction. Gopher’s Offer will be financed from funds which are immediately available.
Gopher has carried out a detailed review of Finalto from a range of publicly available resources. As such, it is prepared to perform only limited due diligence, anticipated to take no more than 3 weeks, before seeking to enter into a fully binding offer for Finalto on terms that are materially equivalent to those entered into with the Consortium. Gopher does not expect its binding offer to be subject to any conditions beyond the equivalent conditions to which the Consortium’s proposal is subject, namely Class 1 shareholder approval and mandatory regulatory clearances.
Gopher does not dispute the disposal of Finalto as a non-core asset, but it believes that Finalto’s attractive growth prospects are not fairly reflected in the value of the Consortium’s offer that has been recommended by the Board.