Playtika Reveals Preliminary Results Of Oversubscribed Tender Offer

Mobile gaming entertainment and technology company Playtika Holding Corp PLTK announced the preliminary results of its August 29 tender offer to purchase up to 51.8 million shares at $11.58 per share.
The offer price implied a 6% premium on Playtika's August 26 closing of $10.92.
Based on the preliminary count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, 74 million shares, were validly tendered and not properly withdrawn.
Playtika expects to purchase 51.8 million shares for an aggregate cost of $600 million.
The number of shares that Playtika expects to purchase in the tender offer represents 12.6% of the total number of shares outstanding as of September 30.
Playtika expects to have 360.9 million shares outstanding immediately following payment for the shares purchased in the tender offer.
Due to the oversubscription of the tender offer, Playtika will accept for purchase on a pro-rata basis 69.98% of the shares properly tendered and not properly withdrawn.
Playtika held $1.2 billion in cash and equivalents as of June 30.
Price Action: PLTK shares traded higher by 5.58% at $10.51 on the last check Tuesday.