The public offer of SEK40 in cash per share in Sweden’s Enlabs, submitted by Entain, is recommended for acceptance by the Enlabs board.

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Entain – previously GVC Holdings – made the offer through its subsidiary Bwin Holdings (Malta) Ltd.

The Independent Bid Committee of Enlabs, the Swedish sports betting operator, has recommended acceptance, stating that the total value is around SEK 2.8bn (£250m), all in cash.

The acceptance period will start on January 21 and run through to February 18. Chairman Niklas Braathen and board member Christian Haupt are accepting the offer, says Enlabs. Shareholders with around 42.2 per cent of the Enlabs shares have undertaken to accept already.

In its offer letter, Entain said that a combination with Enlabs would speed Enlabs’ delivery of its objectives in existing markets and expand notably into Belarus and Ukraine. Enlabs had already rejected a $11bn takeover bid by MGM Resorts.

Today, Enlabs released its preliminary financials for the end of 2020. Revenue for the quarter totalled €20.3-€20.5m compared with €11.2m. The preliminary adjusted EBITDA is €6.3-€6.5m.