Entain Plc reported this morning that Enlabs AB, a leading Baltic business player, has accepted its revamped SEK 53 per share takeover bid.
The updated €370 million cash bid of Enlabs obtained unanimous 94 percent shareholder support, according to the FTSE100 online gambling community.
Entain announces that its bid is now “unconditional” after receiving regulatory clearance, with the settlement of Enlabs securities scheduled to be completed by March 30.
In order to fulfil its obligations, Entain has agreed to extend the “acceptance period” until 13.00 CET on April 1, 2021, to enable Enlabs shareholders who have not yet approved the final terms of the offer to do so.
Entain plans to begin compulsory takeover proceedings in respect of Enlabs shares not tendered in response to its bid, and has recommended that the company’s board file for delisting from Nasdaq First North Growth Market.
Expected date of completion
Entain says it expects to complete its deal by Tuesday, April 13th, according to the FTSE governance.
Entain has updated its takeover bid and acquisition prospectus to secure shareholder support, and the group will now continue to incorporate Enlabs flagship brand of Optibet – the largest bookmaker in the Latvian and Estonian markets – into its European portfolio.
The purchase of Enlabs marks the first M&A transaction for Entain’s new leadership team, which includes new CEO Jette Nygaard-Andersen and Deputy Chief Executive Rob Wood, who is in charge of the FTSE gambling group’s global growth ventures and strategic acquisitions.