Entain ups offer for Enlabs

The British gaming giant has increased its offer to SEK53 per share.

UK.- Entain has upped its offer for Enlabs from SEK40 to SEK53 per share. The increased offer values the Baltic facing igaming operator at SEK3.7bn (€363.9m).

The majority (51 pr cent) of Enlabs shareholders have backed the improved offer, which comes after Entain made an initial bid for Enlabs worth SEK3.9bn in January. 

The first offer was backed by shareholders representing 42.2 per cent of the company’s shares, but some minority shareholders argued that it undervalued the business.

The acceptance period for the new bid runs until March 18.

See also: New faces join Entain board of directors

Enlabs’ own independent bid committee said it would recommend the new offer.

Entain said it would not increase the offer any further. It hopes to complete the acquisition by the end of March.

Chief financial officer and deputy chief executive Rob Wood said: “Entain will be the best home for Enlabs, its employees and customers.

“Against this background, we have decided to make a final offer of SEK53 to all shareholders, providing an opportunity to exit their investment at a very attractive valuation.

“We are pleased that shareholders with around 51 per cent have now irrevocably agreed to accept the offer and would urge other shareholders to do the same by 18 March.”