Playtech responds to Gopher’s latest advance to stop Finalto’s sale

Playtech has issued a response to Gopher Investments’ latest statement regarding the sale of Finalto. The company has reaffirmed its recommendation to sell its financial business unit to the Consortium led by the Barinboim Group. The online gaming and sports betting software provider stated that its goal to “simplify” its business and “dispose of Finalto for the maximum available proceeds” remains the same.

Following Gopher’s sudden proposal to buy Finalto for $250 million, just ahead of final shareholder vote, Playtech adjourned its meeting. The company has already signed a binding agreement with the Consortium.

However, with the Consortium’s consent, Playtech sent Gopher questions regarding the ownership of the company, its structure and source of funds as a basic due diligence in assessing their proposal.

In the beginning of the week, Playtech announced that it Gopher’s proposal remains uncertain and  confirmed its recommendation for the sale of Finalto. The company urged its shareholders to vote in favor in a supplementary circular and provided a new date for its previously adjourned general meeting, now to be held on 18 August 2021.

Playtech finalto

Gopher responded on Tuesday with disappointment in Playtech’s supplement circular, claiming that it has answered its questions and the urged its shareholders to vote against the sale of Finalto to the Consortium.

In its latest response, Playtech stated that it does not agree with how Gopher described the string of events and claims it is not how it happened.

The company stated:

Playtech does not recognise Gopher’s characterisation 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.

Moreover, Gopher said that it “understands that Playtech may have received interest in Finalto from other potential acquiring parties since the date of adjournment”. In its latest response, Playtech denied this statement and claims it is “not aware of having received any such interest.”

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