Playtech CEO Weizer to team up with TTB on possible bid

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Gambling software development company Playtech said on Monday that chief executive officer Mor Weizer plans to team up with Asia-based suitor TT Bond Partners (TTB) on a potential offer for the group.

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The company said Weizer and Thomas Hall, a former director of Playtech, have approached TTB with their interest in participating in the investor group.

Playtech said the board will now form an independent committee consisting of directors excluding Weizer "to consider all matters relating to any possible offer from TTB and any other M&A proposals Playtech receives".

Earlier this month, Playtech shares surged after the company confirmed it had been approached by TTB about a potential takeover, just hours after investors voted against a deal with Australia’s Aristocrat Leisure.

Playtech said any offer by TTB, which had dropped out of the takeover race last November, would likely be in cash.

TTB is Playtech’s second-largest shareholder.