Fortuna gets takeover bid from Fortbet

Fortuna Entertainment Group has agreed a deal with its majority shareholder, Fortbet Holdings Limited, in relation to a takeover offer for the company.

Czech Republic.- Fortbet, part of Czech-Slovak investment group Penta Investments, already owns 79.8 per cent of Fortuna. But it is now pursuing full control of the firm after raising its stake from 68 per cent last year.

Fortuna, which is active in the Czech, Slovak, Polish, Romanian and Croatian markets, revealed that the offer would involve delisting the shares in Prague and Warsaw. The offer would value Fortuna at EUR 371.5M and subscription is planned for January 23 to February 23, Fortuna said.

Fortuna said in a statement, “After careful consideration of the strategic rationale, the financial aspects and consequences of the offer, the Boards believe that Fortbet offers a fair price, and believes that acceptance of the offer is in the best interest of Fortuna, the success of its business and its stakeholders.

“The Boards fully support and recommend the offer for acceptance to the holders of the Shares, and also recommend voting in favour of Fortuna making the delisting application.”

A delisting, Fortuna explained, would free the company from public disclosures that left it at a disadvantage to competitors. During the first nine months of 2017, Fortuna posted a 78 per cent rise in EBITDA to EUR 28.3M. The total amounts staked soared by 69 per cent to EUR 1.3B.