Casino giant Entain has cleared the final obstacle in order for the group to officially purchase Enlabs in April.

On Tuesday, the casino and sportsbook operator has completed the recommended public cash offer to the shareholders of Enlabs with the acceptance period extended to April 1.

Entain Takeover

The timeline of Entain’s acquisition of Enlabs began in January, when the Ladbroke and Bwin owner offered to pay SEK40 per share for the business.

In March, Entain put up a better offer from SEK 40 per share to SEK 53 per share after a group of Enlabs shareholders rejected the initial offer on the ground that Entain was underestimating the true value of the Baltic-based company.

Enlabs shareholders owning a total of 65.9m share of the company, which is approximately 94.2% of the total number of shares and votes in the company, has also accepted the revised offer.

Entain has now met all conditions for the completion of the offer and the operator has, therefore, declared the offer unconditional. Payment for the Enlabs shares tendered by March 18 is expected to take place on or around March 30.

The offer excludes warrants issued by Enlabs and acquired by employees under the company’s incentive programme.

Separate Offer

Entain has already proposed purchasing all interests owned by the warrant holders at a price equal to the see-through value of the warrants on the basis of the offer price. This separate offer has been accepted by holders of 1.35m out of a total 1.4m warrants allotted and transferred to participants in the incentive programme.

Entain has come up with the decision to extend the acceptance period until April 1, allowing the remaining Enlabs shareholders to have more time to accept the deal. This means the group’s will more likely close acquisition of Enlabs around April 13. Entain stressed will not extend the acceptance period further.