Entain, through its fully owned subsidiary Bwin, will finalize a public cash offer to purchase Enlabs at a cost of SEK 53 per share (equal to £4.48/€5.21/$6.21).
Entain has declared the acquisition of Enlabs as 94.2% of stockholders have endorsed the agreement.
Entain has declared the acquisition of Enlabs as 94.2% of stockholders have endorsed the agreement.
Entain has stated that all requirements for finalizing the offer have been satisfied and thus declared the offer unconditional.
Payment for Enlabs stock submitted by March 18th is expected to be made on or around March 30, 2021.
The offer does not encompass Enlabs warrants, which were granted to workers under the company’s incentive plan.
In a separate offer, Entain proposed to acquire all rights held by warrant holders at a cost equivalent to the strike price of the warrants (based on the offer price).
This separate offer has been accepted by 1.35 million warrant holders, a portion of the 1.4 million warrants allocated to and transferred to incentive plan participants.
Entain has decided to extend the acceptance period to April 1, 2021, to allow remaining Enlabs stockholders more time to accept the deal.
The takeover is anticipated to be finalized around April 13th. Entain has stated they will not extend the acceptance timeframe.
Entain now intends to initiate a mandatory acquisition procedure encompassing Enlabs shares not tendered in the proposal. This necessitates the Enlabs board to petition for delisting from Nasdaq First North Growth Market.
Entain initially presented an offer to acquire Enlabs in January, with the operator proposing to purchase the company for SEK 40 per share.
Entain subsequently disclosed comprehensive details of the agreement, clarifying that the transaction would facilitate Enlabs’ expansion into new territories such as Ukraine and Belarus. Entain increased the offer price in March from SEK 40 to SEK 53 per share, following which a majority of Enlabs stockholders endorsed the proposal.
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