Entain ups offer to acquire Enlabs by 32.5%

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Entain ups offer to acquire Enlabs by 32.5%

Entain has increased its offer to purchase Enlabs AB to SEK 53 per share ($6.25).

As previously reported by Gambling Insider, Entain had stood by its original offer, making its new proposition somewhat of a U-turn.

On 7 January, Entain announced a recommended public cash offer to Enlabs, which was met with opposition by Enlabs shareholders.

That offer was worth SEK 40 per share and has now increased 32.5% to SEK 53, with the offer being declared as final by the operator.

Rob Wood, Entain CFO and deputy CEO, said: “In a highly competitive and regulated industry, where consolidation is a key theme, Entain is able to provide the scale and platform needed to further support Enlabs’ long-term growth, and we firmly believe that Entain will be the best home for Enlabs, its employees and customers.

«Against this background, we have decided to make a final offer of SEK 53 to all shareholders, providing an opportunity to exit their investment at a very attractive valuation.

«We are pleased that shareholders with around 51 per cent have now irrevocably agreed to accept the offer and would urge other shareholders to do the same by 18 March.”

Entain was itself the subject of a takeover bid from MGM Resorts International earlier this year, although that deal went quiet quicker than anyone expected and seems to be off the table for now.

Entain’s share price currently sits at £14.40 ($20.11), while Enlabs’ is up to SEK 52.40, just under the offered price by Entain.