MGM Resorts’ acquisition of LeoVegas is nearing completion after receiving all necessary approvals. The US company started a public tender offer for all shares in LeoVegas in May for 61 SEK ($5.73) per share.
However, the success of the company’s offering was subject to certain conditions. These included receiving “regulatory, governmental or similar authorizations, approvals and decisions”, an obstacle the company has now eliminated.
But other conditions specified in the MGM Resorts “Offer Document” still apply. In total, there are seven conditions required for completion. For example, circumstances cannot arise that could have a “material adverse effect on or have any material changes in the prospects or operations of LeoVegas’ financial position.”
The offer is also conditioned to the acceptance of the shareholders. As previously announced, the MGM Resorts offer acceptance period expires on August 30th.
Settlement of the proposed shares will take place once the company “announces that all conditions for the offer are met or if MGM otherwise decides to complete the offer”. If such an announcement is made “by August 31st”, the resort and casino company expects the deal to begin “on or around September 7”.
Through this transaction, the company aims to increase its global presence in iGaming, as outlined by MGM Resorts CEO and President Bill Hornbuckle. When the offer was announced in May, he commented: “We have achieved remarkable success with BetMGM in the US, and with the acquisition of LeoVegas in Europe, we will expand our online gaming presence globally.”
About MGM Resorts
MGM Resorts International is a company with national and international businesses that offer the best hotels and casinos in their category. The global entertainment brand delivers immersive and iconic experiences through its Las Vegas-inspired suite of brands.
The company’s portfolio encompasses 29 exclusive hotel and gaming destination offerings across the United States and Macau, including some of the industry’s most recognized resort brands such as Bellagio, MGM Grand, ARIA and Park MGM.
