Entain Plc Raises Their Enlabs Acquisition Offer to GBP315 Million

March 3, 2021 Andrej Vidovic

Entain Plc has confidently raised their bid for the purchase of Enlabs, as their takeover sum now amounts to GBP 315 million – from the initial GBP 250 million.

Enlabs originally rejected the gaming giant’s GBP 250 million bid in January, as shareholders that still owed 10.7% of the company deemed that their offer had undervalued the brand.

Sure to Succeed

Entain thinks this will be the final and winning offer…

…as majority of shareholders now seem satisfied with the offer.

Formerly known as GVC Holdings Plc, the company has boosted their acquisition offer from SEK 40 to SEK 53 per share.

The offer acceptance period is until 18 March 2021, so GVC Group Chief Financial Officer and Deputy leader Rob Wood have legitimized Entain’s latest SEK 53 cash offer this morning.

Wood explained the Entain’s transaction statement:

“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 Enlabs’ long-term growth.”

The Best Home

Wood continued saying that he believes Entain will be the best home for Enlabs, its employees and customers.

He added that the company has decided, against this background, to make this final offer of SEK 53 to all shareholders. In case the opportunity to exit their investment at a very attractive valuation.

Representing 3.34% of Enlab’s total shares, Alta Fox Capital Management, had proposed an alternative offer of SEK55 per share.

The offer from Entain doesn’t match the suggested SEK55, but regardless, the brand is confident they will win. As Wood said:

“We are pleased that shareholders with around 51% have now irrevocably agreed to accept the offer and would urge other shareholders to do the same by 18 March.”