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Online gaming-operator and FTSE 100 company Entain plc, holding flagship brands as Ladbrokes, Partypoker and bwin, has extended the deadline for Enlabs to accept the $276.4m takeover bid (SEK40/share) until March 18 2021.
Having filed applications to obtain the necessary approvals from relevant competition and gaming authorities, and considering the timing of the review process with the relevant authorities, approvals are not likely to be received during the acceptance period which expires on 18 February 2021.
The takeover bid stands firm in the midst of a group of investors holding a combined 10.7% in the company who in January indicated that they would reject Entain’s initial bid for the company.
In a time where leading online gaming-operators are competing for (new)market-share, regulation is a key driver for most of these publicly traded companies, while withdrawing from unregulated markets.
(Former)Entain Chief Executive Officer Shay Segev said in January: “The acquisition of Enlabs is perfectly aligned with our strategy of expanding across new regulated international markets. We are hugely excited by the growth opportunities it presents both in its existing markets and through new market opportunities.”
He then added:
“Enlabs is already a strong and rapidly growing business in its own right, but we now have a fantastic opportunity to turbocharge its growth by leveraging the power of our unparalleled proprietary technology, scale, product and marketing expertise.”
Entain is confident that the takeover can be finalized during the first quarter of 2021 with the Entain board stating that “Provided that Entain announces that the conditions of the offer have been satisfied or waived on 23 March, settlement is expected to commence on or around 30 March.”