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iGaming and sportsbook operator has reportedly been told that Alta Fox Capital Management will not support its proposed $340.3 million purchase of Enlabs AB.
18th January 2021
| By Robert Fletcher
Entain has been dealt a blow in its pursuit of its acquisition of Enlabs, after shareholders that owns 10.7% of the Optibet operator rejected its bid, saying it “materially undervalues” the business.
Online gambling operator Entain, formerly known as GVC Holdings, earlier this month tabled an offer worth £250m (€281.1m/$339.4m) to acquire Enlabs.
This cash offer, which is supported by the Enlabs board, equated to an SEK40 per share deal. Shareholders holding 42.2% of Enlabs’ shares have also undertaken to accept the offer.
However, Alta Fox Capital Management, which currently owns 2,332,625 shares in Enlabs, representing 3.34% of total shares in the business, said it does not plan to tender any shares at the current offer price.
Entain plc announces the price for shares in Enlabs, which is SEK 40 per chare. Entain won’t make any changes to Enlabs’ organization, management and employees.