Entain plans to acquire Enlabs by April

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Entain plans to acquire Enlabs by April

Entain, through its subsidiary Bwin, completed its cash public offering to shareholders of Enlabs at a price of 5.21 euros per share.

The revised proposal was accepted by shareholders holding a total of 65.9 million shares, approximately 94.2% of the total number of Enlabs shares and votes. All conditions for closing the deal were considered satisfactory, said Entain.

Payment for Enlabs shares by March 18 is expected to take place on or around March 30, 2021. The offer does not include guarantees issued by Enlabs and purchased by employees under the company’s incentive program.

In a separate offer, Entain proposed to acquire all the holdings of the bondholders at a price equal to the value of the bonds based on the terms of the offer. This proposal was accepted by the owners of 1.3 million out of a total of 1.4 million bonuses and transferred to the participants of the incentive program.

Entain should not extend the acceptance period of the proposal again

Entain decided to extend the acceptance period until April 1, 2021, to give the remaining Enlabs shareholders more time to accept the deal. This means that the acquisition is expected to be completed by April 13th. However, the company stressed that it will not extend the acceptance period again.

The operator now intends to initiate compulsory acquisition procedures for Enlabs shares not included in the offer and to request that Enlabs’ board ask to cancel the listing of the shares on the Nasdaq First North Growth Market (European Stock Exchange).

Entain’s proposal to acquire Enlabs was first presented in January. All details of the offer were published later that month, with Entain explaining that the deal would help Enlabs to expand into new markets, such as Ukraine and Belarus.

The offer values ​​were subsequently increased in March, receiving support from the majority of Enlabs’ shareholders.