1st Mar 2021 08:57
(Alliance News) - Entain PLC on Monday said it has increased its offer price for Swedish bookmaker Enlabs AG, having so far received acceptances from 51% of shareholders.
Shares in Entain were up 2.5% at 1,448.50 pence in London on Monday morning.
Entain is a gambling operator in the UK and US and owns the Ladbrokes and Coral brands. Its new recommended offer price values Enlabs at around SEK3.7 billion, equivalent to approximately GBP316 million, up from SEK2.80 billion previously.
The offer is for SEK53 per share, up 33% from the SEK40 per share offer made in January. This offer price is final and will not be increased, Entain said.
Chief Financial Officer & Deputy Chief Executive Rob Wood said: "As a world leader in sports betting and gaming entertainment, Entain's ambition is to revolutionise betting and gaming to create the most exciting and trusted entertainment for every customer. 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 SEK53 to all shareholders, providing an opportunity to exit their investment at a very attractive valuation. We are pleased that shareholders with around 51% have now irrevocably agreed to accept the offer and would urge other shareholders to do the same by March 18."
Entain on February 11 increased the acceptance period for its offer by a month to March 18.
By Anna Farley; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Entain