Entain Plc has this morning announced that it has contractually completed its €370 million takeover of leading Baltic markets online gambling group Enlabs AB.
Issuing a market statement, Entain confirmed that it had secured 67 million Enlabs shares, corresponding to 96% of the Nordic Nasdaq First North firm’s total shareholding.
Prior to this morning’s announcement, 94% of Enlabs shareholders had approved of Entain’s revised SEK 53 per share offer, disclosed on 22 March – qualifying its takeover approach as unconditional for Enlabs shareholders.
As part of its buyout obligations, Entain had extended its offer acceptance period until 1 April, in order to enable existing Enlabs shareholders to accept its deal terms.
Completing its outstanding duties, Entain maintains its revised deal timetable in which the FTSE100 betting group expects to declare the full settlement of its Enlabs takeover on Tuesday 13 April.
Updating stakeholders, Entain emphasised that remaining unsettled Enlabs shares, held ‘no financial exposure’ allowing the company to proceed with the full settlement of its deal – in which Entain will not extend its acceptance period any further.
Entain has formally requested that Enlabs board applies for delisting of the company’s shares from Nasdaq First North Growth Market.
Enlabs takeover represents the first M&A deal struck by Entain’s new leadership duo led by new CEO Jette Nygaard-Andersen alongside Rob Wood – the Deputy chief executive leading the FTSE gambling group’s global expansion projects and strategic investments.