Playtech Concert Party Plays a Merry Tune
Mor Weizer, the embattled Chief Executive of Playtech—the iGaming company, who are in the midst of a take-over duel of operatic proportions–was once described by an admirer as a man who could charm the birds down from the trees.
Certainly, Weizer is going to have to sing a pretty tune if he’s to gain the support of a secretive cabal of far-eastern shareholders who seem to have launched a Machiavellian campaign to gain control of the FTSE-100 company.
It’s the latest twist in the long and winding takeover battle for Playtech: a campaign that started last September with a £2.7 billion (US$3.65bn/€3.22bn) offer from Australian gaming giants Aristocrat, followed by a rival, spoiling, bid from Gopher Investments, and then, more recently, a £3 billion (US$4.06bn/€3.58bn) offer from former Formula 1 boss Eddie Jordan’s investment vehicle JKO Play.
Weizer has now announced that he’s looking to join forces with the Asian consortium that has coalesced around Hong Kong-based TT Bond Partners—currently Playtech’s second largest shareholder—and make his own pitch.
Such a move, naturally, would exclude Weizer from advising his own board on this and any further offers for Playtech, a company that was once reportedly valued at US$7 billion (£5.16bn/€6.17bn).
According to highly place sources, along with the far-eastern combo, Weizer is in concert with Tom Hall, Playtech’s former chief conductor, to drive the new, as yet undetermined, score.
Aristocrat’s initial move on Playtech was backed by the board. But it failed to gain the necessary 75 per cent shareholder approval at an EGM.
TT Bond values Playtech above the 680p-a-share offer made by the Australians.
But somebody, somewhere, needs to buy the company in short time.
Otherwise, with Playtech shares falling amid the uncertainty, Mor Weizer and other stakeholders will soon be singing a very sad song indeed.