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& Trust Company, LLC, the depositary for the tender offer, 74 million shares, were validly tendered and not properly withdrawn.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offer, Playtika will accept for purchase on a pro-rata basis 69.98% of the shares properly tendered and not properly withdrawn.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.
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