Today's media reported that two fundies with large holdings in Playtech have come out recommending the ALL bid. A good sign. Another good sign is the statement from Playtech's board about potentially splitting up the company if the sale doesn't go ahead.
In my view, both statements, particularly the one from the Playtech board, are the result of a little chat with ALL, who have asked them to up the ante to sway these Asia-based investors and make them think that the sale is going to happen with or without them. My guess is the Playtech board have made a veiled threat that if the bid is blocked, the cabal will lose more in the wash-up of a Playtech sold in sections than they already have.
If more big investors can keep the pressure up and announce their intentions to vote for the bid, I think the cabal will fold. It will be a painful few days before the vote is taken and uncertainty continues to reign. But I remain hopeful that the sale will go ahead.
ALL Price at posting:
$39.00 Sentiment: Hold Disclosure: Held
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