Entain Boosts Bid for Enlabs to SEK 53 Per Share

The amusement behemoth Entain has boosted its bid to buy Enlabs from 40 Swedish kronor per share to 53 Swedish kronor, making its total bid for the Baltic-facing operator worth 3.7 billion Swedish kronor (£314.6 million/€363.9 million/$439.2 million).

Entain has upped its offer for Enlabs to a total cost of 3.7 billion Swedish kronor.

The majority of Enlabs’ stakeholders have now agreed to the enhanced offer.

Entain initially made an offer to buy Enlabs in January, valuing the business at 3.9 billion Swedish kronor, with full acquisition details revealed later that month.

Entain’s board and shareholders holding 42.2% of Enlabs’ shares backed the offer, and Enlabs recommended accepting it, but some minority shareholders turned it down, arguing that the price “seriously undervalued” the company’s worth.

In response, Entain has now presented a higher price, with the acceptance period running until March 18. Entain had previously extended the deadline from February 18 to allow enough time to secure all necessary approvals needed to finalize the transaction.

Enlabs’ independent bid committee informed Entain that it will advise Enlabs’ stakeholders to accept the improved offer, with its formal statement being released within a week before the acceptance period expires.

A total of 51% of shares, including Entain’s board and shareholders holding 42.2% of Enlabs’ shares, will back the acquisition.

Enlabs investors unanimously rejected the proposed deal.

Entain has declared they will not increase their bid and aim to finalize the takeover by the end of March, pending final approval from all investors and regulatory bodies.

Entain’s Chief Financial Officer and Deputy CEO, Rob Wood, stated: “Entain will be the ideal environment for Enlabs, its workforce, and clientele.”

“Given this, we have determined to present a final offer to all shareholders at SEK 53 per share, affording them the chance to divest their holdings at a highly appealing valuation.”

“We are delighted that roughly 51% of investors have already irrevocably committed to accepting the offer and encourage other investors to do so by March 18.”

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