In January this year, Entain and its subsidiary Bwin Holdings made a public cash offer to the shareholders of Enlabs.
The offer was to tender all of Enlabs’ shares to Entain; instead, though, the shareholders decided to give 94.2%, which totalled around 66 million shares.
This was accepted in March by Enlabs and its shareholders; the offer for the shares and votes was declared unconditional.
Then in an extended acceptance period which expired on April 1, the shareholders decided to accept the offer for the remaining shares. They decided to give an extra 1.7% which worked out to around 2 million shares.
Entain now owns approximately 67 million Enlabs’ shares, giving the operator a 95.9% ownership of the company. The overall worth of these shares is €370m (£319m).
In a press release from Entain, the company highlighted it has not acquired any shares that give financial exposure to Enlabs’ shares outside the offer. Although it has acquired all warrants to purchase issued shares.
The settlement of the shares tendered in the extended acceptance period will occur on or around April 13. Entain has decided not to extend this period any further.
Entain has now started a compulsory acquisition proceeding for the Enlabs’ shares not tendered in this deal.
