Playtech Responds to Gopher’s Push to Halt Finalto Sale

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Playtech has issued an official response on Wednesday to the recent press release of Gopher Investment. The online gaming technology provider has affirmed its earlier recommendation for the sale of Finalto to the Consortium led by the Barinboim Group.

As Gopher disrupted the acquisition deal ahead of the final shareholder voting by making an offer of $250 million at a 47 percent premium to the base proposal offered by the Consortium, Playtech adjourned its general meeting.

Playtech already signed a binding agreement with the Consortium for Finalto’s acquisition that prohibits it from initiating talks with any third party at this stage to sell Finalto. 

Unsatisfactory Answers

But, with permission from the Consortium, it sent a set of questionnaires to Gopher that are specific to the funding structure, source of funds, ultimate ownership, and Gopher’s ability to obtain the required regulatory clearances. The responses, however, were clearly unsatisfactory, which led Playtech to republish its Finalto sale recommendation in favor of the Consortium.

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In a consequent press release issued by the Hong Kong fund on Tuesday, it expressed its disappointment and stated that it provided all necessary materials. It again requested Playtech shareholders to vote against the Finalto deal.

“Playtech does not recognize Gopher’s characterization of the chain of events to which it refers in its press release of 3 August 2021. If Gopher is willing to provide the requested information, Playtech would welcome Gopher doing so,” Playtech stated on Wednesday’s response.

The company also pointed out that ‘the proposal received from Gopher is uncertain in terms of its deliverability, principally because it remains not binding in nature and subject to a number of conditions.’

Gopher also mentioned that it ‘understands that Playtech may have received interest in Finalto from other potential acquiring parties since the date of the adjournment’, but Playtech clearly rejected these claims stating: “Playtech confirms it is not aware of having received any such interest.”

Source financemagnates.com

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