Entain lifts offer for Sweden's Enlabs
By Michele Maatouk
Date: Monday 01 Mar 2021
(Sharecast News) - Ladbrokes owner Entain raised its offer for Swedish rival Enlabs to SEK53 from SEK40 and said this will be its final offer.
The increased offer comes after US investor Alta Fox, which owns a 3.7% stake in Entain, said the initial bid "materially undervalued" Entain.
The company - formerly GVC Holdings - announced in January that it had made an offer for Enlabs and that shareholders holding around 42.2% of the total number of Enlabs shares had undertaken to accept it.
Entain said on Monday that 51% of Enlabs holders have undertaken to accept the new offer.
The group's chief financial officer and deputy chief executive, Rob Wood, said: "As a world leader in sports betting and gaming entertainment, Entain's ambition is to revolutionise betting and gaming to create the most exciting and trusted entertainment for every customer. In a highly competitive and regulated industry, where consolidation is a key theme, Entain is able to provide the scale and platform needed to further support Enlabs' long-term growth, and we firmly believe that Entain will be the best home for Enlabs, its employees and customers.
"Against this background, we have decided to make a final offer of SEK53 to all shareholders, providing an opportunity to exit their investment at a very attractive valuation."
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