14th Jul 2022 08:24
(Alliance News) - Playtech PLC on Thursday touted an "excellent" interim performance as it noted that TTB Partners Ltd does not intend to make a takeover offer for the firm.
Shares in Playtech were down 16% at 436.00 pence early Thursday in London, making it the worst performing FTSE 250 stock in morning trade.
TTB Partners said that, due to challenging underlying market conditions, it does not intend to make a takeover offer for gambling software firm Playtech.
The Hong Kong-based finance company expressed interest in making an all-cash offer for Playtech back in February, after Playtech shareholders voted down a GBP2.1 billion offer from Australia's Aristocrat Leisure Ltd. After a recent deadline extension, TTB had until Friday to either make a firm offer or walk away.
"TTB remains supportive of the board, the executive management team, their strategy for Playtech and the prospects for the business. TTB also intends to support the Board's efforts to maximise shareholder value," TTB Partners said in a statement on Thursday.
Playtech, noting the statement, said it remains confident in its long-term prospects.
Lending the firm confidence was an "excellent" half-year performance, in which adjusted earnings before interest, tax, depreciation and amortisation is expected to be in excess of EUR200 million. This would be up sharply from the EUR124.1 million achieved a year before.
"The performance was driven by both the B2B and B2C businesses. The B2B performance has been driven by very strong momentum from the Americas, in addition to a strong performance across the wider B2B operations, including Live Casino. Snaitech had an excellent first half driven by its online business, retail recovery and favourable sports results," said Playtech.
The firm added that it has strong momentum entering the second half of 2022.
"This process has shone a spotlight on the fundamental premium value of Playtech's businesses and the board will continue to consider options to maximise value for all shareholders," said Chair Brian Mattingley.
By Lucy Heming; [email protected]
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