TEL AVIV, Israel–(BUSINESS WIRE)–Finalto S.P.V. Ltd, the consortium led by Barinboim Group and backed by Leumi Partners Limited and Menora Mivtachim Group, together with key members of the Finalto Business’ management team (together the “Consortium”), welcomes the announcement by Playtech plc (�Playtech) confirming its recommendation that shareholders vote in favour of the Consortiums binding agreement for Finalto Group (Finalto) (the Binding Agreement).
Playtech announced today that following its engagement with Gopher Investments (Gopher) over the past three weeks, it has not received responses from Gopher to a number of its questions and therefore Playtech has not yet been able to achieve the necessary clarity on Gopher’s ultimate ownership and funding structure, source of funds or ability to obtain the required regulatory clearances.
Shareholders should ask why Gopher continues to hide and should also be suspicious of Gophers credibility, particularly given that disclosure is crucial when buying a highly regulated business. Furthermore, the firm associated with Gopher, TT Bond Partners, is a small boutique brokerage that raises money from Chinese investors. Gophers behaviour has not been well received by the market; since it first announced its interest, Playtechs share price has fallen by nearly 17%1.
The Consortiums Binding Agreement for Finalto offers considerable value and certainty and puts an end to the arduous 18-month sale process
The Consortium urges shareholders to follow Playtechs Board recommendation and vote in favour of its Binding Agreement to acquire Finalto at the General Meeting due to take place on 18 August 2021.
The Original Circular, the Supplementary Circular and the Notice of Adjourned General Meeting are available on Playtech’s website at www.investors.playtech.com/shareholder-information/general-meeting.aspx. Shareholders who have already submitted their proxy electronically at www.investorcentre.co.uk/eproxy and wish to change their voting instruction, may do so by submitting a revised Form of Proxy electronically at www.investorcentre.co.uk/eproxy.
The Consortiums previous announcements are available here (7 July 2021) and here (9 July 2021).
-ENDS-
About the Consortium
The Consortium is a company incorporated in Israel, established for the purpose of acquiring the Finalto Business. The Consortium is being funded by a group consisting of Barinboim Group, Leumi Partners Limited and Menora Mivtachim Group and by senior secured debt financing from The Phoenix Insurance Company Limited and certain of its affiliates. The Consortium will be supported by key members of the Finalto Business’ management team that will transfer with the Finalto Business, including Ron Hoffman (Chief Executive Officer of the Finalto Business) and Liron Greenbaum (Chief Operations Officer of the Finalto Business).
Barinboim Group is a private equity and venture capital firm based in Tel Aviv. Barinboim Group invests in companies operating in the media sectors.
Leumi Partners Limited is the merchant and investment banking arm of Bank Leumi (TASE: LUMI), one of the two largest banking groups in Israel. Leumi Partners Limited is based in Tel Aviv and offers direct equity investment in sectors such as technology media and telecom, consumer & retail, and healthcare. Leumi Partners Limited’s line of business includes conducting investments and providing services such as underwriting, financial analysis and research, strategic advice, mergers & acquisitions, and raising equity and debt.
Menora Mivtachim Group is one of Israel’s five largest insurance & finance groups. The group specializes in asset management, manages the largest pension fund in Israel – and is the largest General Insurer in Israel and the market leader in Motor Insurance sector. The group operates through its subsidiaries, in all sectors of Life Insurance, Long/Mid/Short -Term Savings, General Insurance and Health Insurance. In addition, the group is active in the capital markets and finance sectors, including, Financial Portfolio Management, Underwriting and worldwide real estate investments.
1 Source: Capital IQ. July 30 close price over July 2 close price
Contacts
For further information:
Investors:
Investor Update
Tony Quinn
+44 (0)7790 485 935
tquinn@investor-update.com
Patrick Mitchell
+44 (0)7974 079 785
pmitchell@investor-update.com
Media:
Kepler Communications
Charlotte Balbirnie
+44 (0)7989 528421
cbalbirnie@keplercomms.com
Caroline Villiers
+44 (0)7808 585184
cvilliers@keplercomms.com
The Consortium:
Ishai Drori
finalto@bgroup.co.il
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