The revised offer for Enlabs has been accepted by shareholders holding a total of 65.9 million shares, which accounts for approximately 94.2% of the total number of shares and votes in the company.
All conditions for the completion of the offer have been satisfied, and as a result, Entain has declared the offer unconditional.
Payment for the Enlabs shares tendered by 18 March is expected to take place around 30 March, 2021.
Please note that the offer does not include warrants issued by Enlabs and acquired by employees under the company’s incentive program.
Furthermore, Entain has proposed acquiring all interests owned by the warrant holders at a price equal to the see-through value of the warrants on the basis of the offer price. This separate offer has been accepted by holders of 1.35 million out of a total of 1.4 million warrants allotted and transferred to participants in the incentive program.
To allow remaining Enlabs shareholders more time to accept the deal, Entain has decided to extend the acceptance period until 1 April, 2021. The acquisition is expected to close around 13 April.
It is important to note that Entain has stated it will not extend the acceptance period any further.
Therefore, the operator intends to initiate compulsory acquisition proceedings for Enlabs shares that were not tendered in the offer. Additionally, Entain will request that the Enlabs board applies for a delisting of the shares from Nasdaq First North Growth Market.
Entain initially made the offer to acquire Enlabs in January, offering to pay SEK40 per share for the business. Detailed information about the offer was published later that month, with Entain highlighting the benefits of the deal in expanding Enlabs’ presence in new markets such as Ukraine and Belarus.
In March, the offer was increased to SEK53 per share, and the majority of Enlabs shareholders supported the offer.
