Entain has extended the deadline for Enlabs to accept the takeover bid until March 18, maintaining its valuation of $ 336.6 million.
In January of this year, the operator submitted a cash offer to buy Enlabs, which would make it pay about $ 5 for each share.
However, at the end of the same month, shareholders holding 11% of Enlabs’ shares announced their intentions to reject the offer, as it “underestimated the company” considerably.
Alta Fox Capital Management, which owns 2,332,625 shares corresponding to 3% of the group, said that it does not plan to offer any shares under the conditions presented at this time, believing that at least $ 6.6 per share of Enlabs would be an acceptable proposal.
Entain considers proposal acceptable and projects start of acquisition process
However, Entain maintained its initial offer, claiming it is conditional on receiving regulatory and governmental approvals, and further affirming that the values are acceptable.
As a result, the operator filed for requests to obtain all the necessary approvals, but already projecting that these authorizations should not be received within the period of acceptance of the current proposal that expires on February 18, Entain extended it by one month until March 18.
The company, formerly known as GVC Holdings, also believes that as long as all conditions of the deal have been agreed by March 23, the acquisition of Enlabs tends to start on March 30.
“Enlabs’ offer and acquisition is conditioned, among other things, on receipt of all regulatory, governmental or similar releases, approvals and decisions, including from competition and betting authorities, in each case under the terms that, in the opinion of Entain, are acceptable ”, appears in an official statement from the company.