The Swedish operator has acquired another batch of shares in Sweden’s Global Gaming, triggering an obligation to make a bid for the entire company.
Sweden.- Enlabs has acquired a majority stake in Sweden’s Global Gaming and will make a bid to acquire the company outright within the next four weeks.
The Latvia-facing operator has purchased a further 9,878,086 shares in the Ninja Casino owner, taking its total stake from 29.89 per cent to 54.06 per cent.
It bought the shares at SEK11 (€1.07) per share and will pay 50 per cent in cash and 50 per cent by issuing new Enlabs shares.
Enlabs had already become Global’s biggest shareholder in June after acquiring a further 11,300,000 shares in addition to its existing 920,028.
That acquisition gave it the right to propose several new appointments to Global’s board.
The latest purchase takes it past the 50 per cent threshold, triggering an obligation to make a bid to acquire the remaining shares of the business within four weeks.
Enlabs says it plans to do that by offering Global Gaming’s remaining shareholders the chance to transfer their shares to Enlabs for SEK11 per Global Gaming share.
That represents a 34 per cent premium on Global’s average trading price over the last three months.
Enlabs says this will be its only offer for the outstanding shares.
Global Gaming branched out into sports betting this week, adding a sportsbook to its Ninja Casino brand.
The operator finally returned to profit in Q2 after the debilitating loss of its Swedish licence last year.
Enlabs managed to remain in the black in H1 despite Latvia suspending both land-based and online gambling for a period during the pandemic.