Entain secures shareholder approval of Enlabs €370m buyout

By | March 22, 2021

Entain Plc has this morning communicated that shareholders of leading Baltic markets operator Enlabs AB have approved its revised SEK 53 per share takeover offer.

The FTSE100 online gambling group states that its revised €370 million cash offer of Enlabs received a unanimous 94% approval by company shareholders.

Having previously secured regulatory approval, Entain declares that its offer is now ‘unconditional’ with the settlement of Enlabs shares expected to be finalised by 30 March.

Proceeding with its duties, Entain has decided to extend the ‘acceptance period’ until 13.00 CET on 1 April 2021 to enable Enlabs shareholders who have not yet accepted the offer’s final terms.

Entain intends to initiate compulsory acquisition proceedings in respect of Enlabs shares not tendered by its offer, and has requested that Enlabs board applies for delisting of the company’s shares from Nasdaq First North Growth Market.

Updating the FTSE governance, Entain states that it anticipates finalising its transaction by Tuesday 13 April.

Securing shareholder approval, Entain has published a further update of its takeover offer and deal prospectus, in which the company will now move to integrate Enlabs flagship brand of Optibet – the leading bookmaker within Latvian and Estonian markets within its European portfolio.

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.