Current CEO of Playtech, Mor Weizer, has indicated his willingness to get involved with an offer for his company by TT Bond Partners (TTB), and has also been joined by a former occupant of his CEO seat, Tom Hall.
Should TTB proceed with the formation of an investment group with the objective of acquiring Playtech, both Weizer and Hall appear to have expressed a desire to participate. As sitting CEO, Mor Weizer’s endorsement would then be required to step aside from formal Board discussions on such an acquisition, although his endorsement would likely put a TTB bid favourite to succeed.
A takeover of Playtech has been on the cards for several months, with Australian industry giant Aristocrat Leisure failing with an earlier $2.7bn bid.
“The Board will now form an independent committee consisting of the Playtech Directors excluding Mr Weizer, to consider all matters relating to any possible offer from TTB and any other M&A proposals Playtech receives,” said a statement from Playtech. “The Independent Committee is and will remain especially mindful of their obligations to Playtech stakeholders and the requirements of the law.”