Playtech wins approval for Snaitech takeover offer

Playtech has today (Friday) secured approval from Italian financial regulator Consob for its mandatory takeover offer for the remaining shares of Snaitech.

Earlier this month, Playtech completed its acquisition of 70.6% of the issued share capital in Snaitech, as well as an additional 10.3% via market purchases.

The initial acquisition deal, worth €846m ($984.3m), was agreed in March and required Playtech to also make a mandatory takeover offer for all remaining shares in Snaitech.

Playtech has now pushed ahead with this offer, with Consob granting approval to its offering document.

The acceptance period for the mandatory takeover offer will begin on June 26 and end on July 23, with tendering shareholders to be paid €2.19 per share on July 30.

Should certain conditions be met, the acceptance period will reopen for a further five trading days from July 31 to August 6.

Playtech said should this occur, payment for shares tendered in this period will take place on August 13.

Meanwhile, in accordance with the acquisition deal, Playtech’s chief executive, Mor Weizer, and chief financial officer, Andrew Smith, have been appointed to the board of Snaitech.

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Playtech agrees €846m Snaitech deal