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UK – Entain’s £250m Enlabs acquisition bid recommended by shareholders

By - 7 January 2021

Entain has made a SEK2.8bn (£250m) cash offer to the shareholders of Enlabs through its subsidiary, Bwin.

The offer values individual shares in Enlabs at a price of SEK40.The Independent Bid Committee of Enlabs has unanimously resolved to recommend shareholders accept the offer, supported by a fairness opinion provided by Mangold Fondkommission.

Enlabs shareholders holding around 42.2 per cent of the total shares have undertaken to accept the bid. The acceptance period is expected to commence around 21 January and expire circa 18 February.

The offer for Enlabs is announced amid a merger offer from MGM that would see Entain shareholders own approximately 41.5 per cent of the combined company. Entain’s board has stated that it believes the proposal undervalues Entain but has also asked the MGM to provide additional information in respect of the strategic rationale for a combination of the two companies.

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