La Française des Jeux (FDJ) has announced that it will bring forward the expiry of the acceptance period for its public offer to acquire Kindred Group.
Initially set for 19 November 2024, the deadline has now been moved to 17:00 CEST on 2 October 2024, following final regulatory approval from the French Competition Authority.
The offer, originally announced in January 2024, is valued at SEK 130 ($12.77) per Swedish Depository Receipt (SDR), which represents a cash offer to Kindred shareholders.
FDJ had previously outlined the conditions for the acquisition, including the need for regulatory clearances, which have now all been fulfilled.
The French Competition Authority's approval was the last regulatory hurdle, allowing FDJ to expedite the process. The offer remains contingent on FDJ securing ownership of more than 90% of Kindred’s total shares on a fully diluted basis.
As of the latest update, five major shareholders of Kindred, collectively representing 26.72% of the company's outstanding SDRs, have made irrevocable commitments to tender their shares to the offer.
These shareholders include Corvex Management LP, Premier Investissement SAS, Eminence Capital, Nordea and Veralda. In addition, FDJ had already acquired 1.11% of Kindred's outstanding SDRs directly from Veralda in March 2024.
FDJ plans to announce the results of the offer on or around 3 October 2024, at the close of the market. If the acquisition is successful, settlement and delivery for shareholders who accept the offer are expected to occur around 11 October 2024.
In August 2024, FDJ sold its Sporting Solutions brand to Betsson Group, offloading its trading and risk management services to refocus on core B2C and B2B2C operations in the lottery and sports betting markets.
This sale was seen as a preparatory step in FDJ's broader strategy to strengthen its position within the European gambling landscape through acquisitions like that of Kindred.
With this accelerated timeline, the acquisition is positioned to reshape FDJ's international footprint, particularly as it looks to integrate Kindred’s assets into its portfolio.
