Entain details full Enlabs offer
20th January 2021
| By Daniel O Boyle
European igaming giant Entain has published its full offer to acquire Baltic-facing Optibet operator Enlabs.
The SEK2.80bn (£250m/€276.4m/$340.1m) offer would see Entain offer SEK40 for each of Enlabs’ 69.9m shares.
Entain noted the offer represents a premium of approximately 1.1% compared to the closing price of SEK 39.55 per Enlabs share on Nasdaq First North on 5 January 2021, the last day before it was submitted.
The operator formerly known as GVC said the main reason for the offer was to gain access to the Baltic market. It said that Latvia- where Enlabs is the market leader – as well as Estonia and Lithuania where it is the second and in the top five, respectively, all align with Entain’s strategy of focusing on regulated markets. In November 2020, when it announced its rebrand from GVC, Entain said it would commit to generating 100% of revenue from locally regulated markets by the end of 20
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.