Entain’s Acquisition of Enlabs Moves Forward

Approximately 94% of Enlabs’ shareholders approved Entain’s offer for acquisition at SEK53 per share. This sets a price tag for the acquisition of approximately SEK 3.7 billion.

The Majority of Enlabs’ Shareholders Accepted Entain’s Offer

Entain, the global betting and gaming group, announced today that its takeover of Enlabs AB moved one step forward. The company’s first offer to acquire the leading Baltic markets operator was presented in January this year.

Although the first tabled bid was for SEK40 ($4,69) per share, Enlabs shareholders expected Entain to raise the bid. Consequently, early this month, Entain increased the bid for obtaining Enlabs to SEK53 ($6.21) per share.

Now, the majority of Enlabs’ shareholders, that hold 65.9 million shares or approximately 94.2% of the shares, have approved the SEK53 per share offer. In other words, Entain’s deal for the takeover of Enlabs would hit a price tag of approximately SEK 3.7 billion ($434 million).

The Acquisition Is Expected in April

Initially, the acceptance period for Entain’s proposal was set for March 18. However, considering that approximately 94% of Enlabs’ shareholders approved the offer, the company decided to extend this period through April 1. Furthermore, Entain has already secured the necessary regulatory approvals for the acquisition. The company has also deemed the acquisition offer as “unconditional” considering that all requirements for completion have been met.

This means that if all goes as planned and the remaining shareholders accept the deal, the acquisition may happen in April. In that line of thoughts, Entain revealed that it does not plan to extend the acquisition’s acceptance period any further.

Recently, Entain increased its senior management team. Last week, the company hired the services of Mark Gregory as an Independent Non-Executive Director. Before that, in February, the company appointed the industry veteran Simon Zinger as legal counsel.