Enlabs makes SEK150m offer to acquire Global Gaming

Enlabs makes SEK150m offer to acquire Global Gaming

Baltics-facing igaming operator Enlabs has put forward its offer to acquire all remaining shares in Global Gaming, in a deal that values the business at SEK450m (£39.8m/€43.2m/$50.6m).

Published 22nd September 2020

Under the non-negotiable offer, Global shareholders will have the opportunity to exchange their shares in the Ninja Casino operator for SEK11 in cash, and 0.36 shares in Enlabs. They may also accept a payment comprising a 50% cash consideration and 50% Enlabs shares.

This corresponds to Enlabs’ intended bid that it outlined when it increased its holding in Global to 54.06% in August, triggering the threshold at which it had to make a mandatory takeover offer for the business.

Since then, however, it has increased its stake in the business to 27.3m shares, or a 66.70% holding.

The total value of the offer for the 13.6m shares it does not already own is approximately SEK150m, Enlabs said, valuing Global’s entire issued share capital at SEK450m. A maximum of 4.9m shares in Enlabs may be issued in connection with the offer.

The cash consideration represents a premium of approximately 15% on Global’s closing share price on 26 August, the last day of trading before Enlabs triggered the offer threshold. The bid also represents a premium of 1% on Global’s closing price on 21 September, the day before the offer was made.

Read the full story on iGB.