Entain lifts offer for Sweden's Enlabs
Entain
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16:40 29/04/24
Ladbrokes owner Entain raised its offer for Swedish rival Enlabs to SEK53 from SEK40 and said this will be its final offer.
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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."