Entain has cleared the final hurdle in its takeover of Enlabs after securing the receipts of all regulatory approvals from the relevant competition and gaming authorities.

Entain’s acquisition of Enlabs

Entain’s acquisition of the Baltic online group is nearing after shareholders owning 51 percent of Enlabs shares agreed to enter into a commitment to accept the revised offer.

The Isle of Man-headquartered company made its first bid to acquire Enlabs in January, proposing a SEK 40 per share deal which valued the group at SEK 2.8bn (around £250m,). Entain’s acquisition bid of Enlabs came after it rebuffed the proposal of its US partner MGM International worth £8bn.

However, Enlabs turned down Entain’s initial offer after interested parties representing 10 percent of the holding suggested that the initial proposal “materially undervalues the company.”

All Set to Go

Backed by the majority of its shareholders, Entain then presented a new offer on the first day of March via its wholly-owned subsidiary Bwin, increasing the proposal to SEK 53 per share. The figure gives Enlabs the value at around SEK 3.7bn or approximately £316m, which is now more attractive to its shareholders.

The company previously updated that a selection of those shareholders who had previously rejected the initial offer has now “provided irrevocable undertakings to Entain to accept the increased offer”.

Entain has now met all the conditions for the completion of the offer regarding the receipt of all necessary regulatory approvals. The company has until 17:00 CET on March 18, 2021, to accept the offer and reserves the right to extend the acceptance period of the offer, as well as to postpone the date of settlement.