March 1, 2021
Prominent iGaming and sportsbook operator Entain has announced that it has redoubled its effort to purchase smaller Baltic-facing competitor Enlabs AB by upping an earlier bid by some 32.5% to approximately $446.1 million.
The Isle of Man-based firm is already responsible for a plethora of iGaming brands including Bwin, Ladbrokes, PartyPoker and SportingBet and proposed a deal in January that would have seen pay around $336.7 million so as to acquire all of the issued share capital in Enlabs AB at an individual price of roughly $4.76. However, this proposition was subsequently rejected by a significant number of its target’s investors over concerns that the overall value of the Stockholm-listed firm was being belittled by as much as $122 million.
Welcome to Morningstar.co.uk!
You have been redirected here from Hemscott.com as we are merging our websites to provide you with a one-stop shop for all your investment research needs.
Get Started: To search for a security, type the name or ticker in the search box at the top of the page and select from the dropdown results.
Registered Hemscott users can log in to Morningstar using the same login details. Similarly, if you are a Hemscott Premium user, you now have a Morningstar Premium account which you can access using the same login details.
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.