Entain secures shareholder approval for Enlabs acquisition

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Entain secures shareholder approval for Enlabs acquisition

Entain has secured approval for its public cash offer to the shareholders of Enlabs AB.

The improved offer, made through the Bwin Holdings subsidiary, valued shares at SEK 53 ($6.23) per piece, an increase on the SEK 40 rejected previously. In total, 94.2% of shareholders approved the new valuation, and having previously secured all relevant regulatory approvals, Entain has now declared the takeover deal as unconditional.

The operator will now begin proceedings for purchasing more than 65.6 million in approved shares. A separate offer has been made to employees who own warrants from Enlabs incentive programmes, and this has been accepted by the holders of 1.35 million of 1.4 million warrants.

Entain has further announced that it will begin compulsory acquisition proceedings for all outstanding shares.

The operator expects the settlement of Enlabs shares to be completed by 30 March 2021, but extended the acceptance period to 13:00 CET on 1 April 2021, to give additional time for shareholders that had not yet accepted the final agreed terms.

As per an update to FTSE governance, Entain anticipates the transaction to be finalised by 13 April 2021 and has requested the delisting of shares from the Nasdaq First North Growth Market.

The Ladbrokes and Coral operator reported a profit of £113.8m ($157.6m) for full-year 2020, on 4 March, a stark improvement from the loss of £131.2m in 2019, while revenue was flat at £3.6bn.