Entain extends deadline for proposed Enlabs acquisition

Entain hopes a settlement can be expected to begin on around March 30.
Entain hopes a settlement can be expected to begin on around March 30.

The British gaming giant has pushed back the deadline for acceptance of its offer by a month.

UK.- Entain has extended the deadline for shareholders to accept its proposed acquisition of igaming operator Enlabs from February 18 to March 18.

The former GVC Holdings said it had filed all of its applications for the necessary regulatory approvals of the deal but did not expect to receive clearance in time for the original deadline.

The company said that as long as it can announce that conditions of the offer have been satisfied or waived by March 23, a settlement can be expected to begin around March 30

See also: Entain confirms Nygaard-Andersen as new CEO

Entain’s takeover offer of SEK40 (£3.48) per Enlabs share values the Baltic-facing operator at £250m.

The move is part of the Entain’s strategy to enter more regulated markets as it aims to generate 100% of revenue in locally regulated markets by 2023.

See also: Entain gives gaming customers a voice with “players’ panel”

Enlabs is the leading igaming operator in Latvia, second biggest in Estonia and in the top five in Lithuania.

Meanwhile, Entain has expanded its responsible gambling efforts to incorporate the areas of video gaming and esports.

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Enlabs ENTAIN online gambling