{"id":233613,"date":"2022-09-23T13:34:11","date_gmt":"2022-09-23T18:34:11","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=233613"},"modified":"2022-09-23T14:06:19","modified_gmt":"2022-09-23T19:06:19","slug":"playtika-is-on-pace-in-its-600-million-tender-offer","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/","title":{"rendered":"Playtika Updates Investors on Stock Tender Offer"},"content":{"rendered":"

Mobile gaming company Playtika (NASDAQ:PLTK) updated investors on a previously announced plan to tender a significant amount of its shares outstanding.<\/p>\n

\"Playtika
A visual of some Playtika games. The company updated investors on its tender offer. (Image: The Bear Cave–Substack<\/em>)<\/figcaption><\/figure>\n

In a statement issued following the close of US markets Thursday — and one that sparked a rally in the gaming stock in after-hours trading — Playtika indicated it\u2019s on pace to repurchase up to $600 million<\/a> worth of its own shares. That works out to 51,813,472 shares at a price of $11.58 per share, according to a statement.<\/p>\n

As of 4:00 p.m., New York City Time, on Thursday, September 22, 2022, the depositary for the tender offer has reported to Playtika that approximately 217,140,286 Shares had been validly tendered and not properly withdrawn,\u201d<\/strong> said the Israeli gaming company in the statement.<\/p><\/blockquote>\n

While the plan should be an obvious catalyst for the ailing stock, Playtika carefully noted there are no assurances it will buy back $600 million worth of its shares. That\u2019s standard for buyback plans<\/a>, as no company is legally obligated to repurchase the stated dollar amount.<\/p>\n

Playtika Tender Expires Soon<\/h2>\n

Playtika investors that want to tender shares should note the clock is ticking on their ability to do so.<\/p>\n

\u201cThe tender offer is scheduled to expire one minute after 11:59 p.m. New York City Time, on Monday, September 26, 2022, unless the tender offer is extended or terminated. Playtika has not and will not accept any tendered Shares for payment until after the tender offer expires,\u201d according to the company.<\/p>\n

\n

Formerly a unit of Caesars Entertainment, Playtika was one of the first to offer free-to-play social games on social networks and mobile devices and has more than 35 million monthly users. Its well-known games include Bingo Blitz, Caesars Slots, Slotomania<\/em>, and World Series of Poker (WSOP) Social<\/em>.<\/p>\n<\/div>\n

Caesars sold Playtika to a group of Chinese investors in 2016 for $4.4 billion. The mobile game developer went public in January 2021.<\/p>\n

Active, Rough Year for Playtika Stock<\/h2>\n

Gaming equities of all stripes are sagging this year, and Playtika is no exception, as highlighted by a 2022 decline of 36.9%. While that\u2019s clearly a dismal showing, the stock has been a prolific generator of headlines, including much more than the aforementioned tender offer.<\/p>\n

In January, majority investor Playtika Holding UK II Limited (PHUK II) said it was looking to sell up to 25% of its stake. After being assailed by a short seller\u2019s bearish research in early February, the gaming company later that month announced a strategic review.<\/p>\n

In June, technology buyout fund Joffre Capital announced it would take a controlling stake in the gaming company, buying shares from PHUK II. Joffre committed to buy Playtika shares at $21. At this writing, the stock trades at around $10.30.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Mobile gaming company Playtika (NASDAQ:PLTK) updated investors on a previously announced plan to tender a significant amount of its shares outstanding. In a statement issued following the close of US markets Thursday — and one that sparked a rally in the gaming stock in after-hours trading — Playtika indicated it\u2019s on pace to repurchase up […]<\/p>\n","protected":false},"author":46,"featured_media":233614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,20,22988],"tags":[81903,81906,82927],"acf":[],"yoast_head":"\nPlaytika Is On Pace In Its $600 Million Tender Offer<\/title>\n<meta name=\"description\" content=\"Playtika updated shareholders on the company's stock tender offer.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Playtika Is On Pace In Its $600 Million Tender Offer\" \/>\n<meta property=\"og:description\" content=\"Playtika updated shareholders on the company's stock tender offer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-23T18:34:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-23T19:06:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/playtika.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"632\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/\",\"url\":\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/\",\"name\":\"Playtika Is On Pace In Its $600 Million Tender Offer\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/playtika.png\",\"datePublished\":\"2022-09-23T18:34:11+00:00\",\"dateModified\":\"2022-09-23T19:06:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Playtika updated shareholders on the company's stock tender offer.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/playtika-is-on-pace-in-its-600-million-tender-offer\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/playtika.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/playtika.png\",\"width\":1280,\"height\":632,\"caption\":\"A visual of some Playtika games. 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