Asian boutique investments firm TTB Partners Limited has reportedly announced that it will not be proceeding with a plan to purchase prominent online casino games developer Playtech owing to ‘challenging underlying market conditions’.

According to a report from Finance Magnates, the Hong Kong-headquartered concern first revealed that it was looking into the possibility of buying Playtech in February after the target rejected an analogous $2.8 billion offer from Australian behemoth Aristocrat Leisure Limited. The prospective purchaser’s latest decision purportedly followed many months of talks and was publicized in advance of an official July 17 cut-off date for an official offer.

Compatriot compact:

Although TTB Partners Limited does not now intend to bid for Playtech, in which it holds a 4.97% shareholding, the enterprise reportedly saw its Gopher Investments arm recently complete a $250 million deal for the Isle of Man-based innovator’s Finalto financial trading unit. This all-cash transaction was purportedly first arranged in September before going on to gain the unanimous approval of both company’s boards.

Reportedly read a statement from TTB Partners Limited…

“TTB Partners Limited remains supportive of the board, the executive management team, its strategy for Playtech and the prospects for the business. TTB Partners Limited also intends to support the board’s efforts to maximize shareholder value.”

Overt optimism:

For his part and Mor Weizer, Chief Executive Officer for Playtech, reportedly highlighted his company’s excellent financials and proclaimed its board remains ‘very confident about the positive long-term prospects’. The experienced executive purportedly moreover asserted that the innovator possessed ‘strong momentum’ and had chalked up adjusted first-quarter earnings before interest, tax, depreciation and amortization of more than $99 million thanks to the popularity of its business-to-business and business-to-consumer offerings.

A statement from Weizer reportedly read…

“This performance reflects the quality of our market-leading technology offering and the hard work and commitment of our talented team. We remain confident in our long-term growth prospects and, in particular, our ability to benefit from the structured agreements that are already allowing Playtech to access newly-opened gambling markets.”

Earlier exit:

Playtech reportedly received the takeover offer from Sydney-headquartered Aristocrat Leisure Limited in October with the arrangement due to see selling investors receive around $9.17 for every one of the developer’s shares. However, this proposition was scuppered after it managed to gain the support of only 56% of target’s shareholders, which was below a required 75% threshold.

Venerated venture:

Established in 1999, Playtech develops and distributes online casino software, games and services for some 170 licensees in over 30 jurisdictions around the globe and reportedly saw its business improve last year as the coronavirus pandemic kept aficionados in their own homes and away from more traditional land-based gambling establishments. The enterprise has some 7,000 employees located at offices in 24 locations with its products purportedly covering every key iGaming vertical including sportsbetting, bingo and poker.