MGM Resorts Receives Government Clearance for LeoVegas Bid

Looking to further expand its global presence, the leading hospitality and entertainment company, MGM Resorts International, announced plans to acquire the Swedish gaming and sports betting company LeoVegas.

MGM Resorts Receives Approval for LeoVegas Takeover

The company unveiled its ambitious plan back in May, but it has now completed another major step forward. Late last week, MGM Resorts revealed it has secured the necessary government clearances for its acquisition of LeoVegas. The takeover bid has a price tag of $607 million. This translates to $6.20 per LeoVegas share.

“The completion of the Offer is subject to the conditions stated in the Offer Document, including the receipt of all regulatory, governmental or similar clearances, approvals and decisions that are necessary to complete the transaction,“

reads a statement released by MGM Resorts

Although the initial Offer document was released early in June it has an expiry set for August 30, 2022. In other words, if the duo agrees on the Offer, an announcement should come no later than August 31, 2022. On the other hand, if all goes as planned, according to MGM Resorts, a settlement is expected to be released early in September.

“MGM has received all relevant approvals. Therefore, the condition regarding the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions is fulfilled,“

added the company

The Company Completed a $2 Million Donation

Besides the recent governmental clearance, MGM Resorts recently announced a $2 million donation. Last week, the company confirmed its charity initiative, MGM Resorts Foundation, has donated nearly $2 million to towns and non-profit organizations within regions where the company operates.

The donation was completed via 82 grants that will ultimately help different non-profit organizations within Michigan, New Jersey, Southern Nevada, Mississippi, Western Massachusetts, Northeast Ohio, the DC Metropolitan area as well as New York. Both MGM Resorts employees and guests contributed toward the donation which will help good causes initiatives such as medical care, food and shelter for residents in communities where the company operates.