Advertiser Disclosure
We want to bring you the best content and the best offers. Just so you know, we may collect compensation from the links on this page and some of our reviewers are compensated for contributing content to this website.
Slot Sites News

Entain Still Hopeful of Acquiring Enlabs

When Entain put in its first offer back in January 2021, it failed to dangle a sufficiently large carrot to gain approval for its proposed takeover of the iGaming company, Enlabs.

However, it appears as though the company is still eager to proceed with the acquisition as it has just placed a final and increased offer in the hopes of securing a deal.

Originally, Entain offered £250m, but this was later rejected by one of Enlab’s key stakeholders (Alta Fox Capital Management) who said that it was not prepared to sell any of its shares for less than the recommended price of £3.50 (SEK 40) per share. The same company also claimed that it had support from over 10% of Enlab’s other investors.

In February 2021, Enlab’s independent bid committee unanimously voted in favour of the deal, however, after which the company’s shareholders were given until 18th March 2021 to accept it. However, Alta Fox accused Enlab’s chairman of accepting “an inadequate offer”.

Entain has now revised its £250m bid by 32.5% (which equates to SEK 53 per share) which the company’s CFO and Deputy CEO, Rob Wood, says is its “final offer” which Entain deems to be an opportunity for Enlabs’ shareholders “to exit their investment at a very attractive valuation”.

Despite many companies being negatively affected by the COVID-19 pandemic, Enlabs has reported record profits in recent months. In Q3 of 2020, it enjoyed a revenue rise of 35% while its Q4 revenues were up by more than 72% year-on-year.

Enlabs is a Swedish-owned iGaming company that produces online casino, live casino, and sports betting products for a variety of international markets. It owns several brands such as BestPoker, Laimz, and Optibet, as well as several subsidiaries including Lifland Gaming AB and Global Gaming 555.

Entain (which was previously called GVC) owns an impressive portfolio of sports betting, casino, and bingo brands including Gala, Party Poker, Bwin, Coral, Ladbrokes, and Foxy Bingo.

Reader comments