Playtech has announced it is in the process of a squeeze-out to take up the remaining 3.5 per cent minority shareholding in Snaitech it doesn’t currently own, putting the finishing touch to its £846m purchase.
At the end of the acceptance period for the mandatory takeover, Playtech held 96.5 per cent of shares in the Italian betting company.
Pluto (Italia), a Playtech subsidiary, is initiating the transfer of the rest of the shares in the company, for which Snaitech shareholders will receive a cash consideration of €2.19 per share as noted in the mandatory takeover offer.
Snaitech’s shares are set to be suspended from trading on August 1 and 2 and following completion of the squeeze-out, will be de-listed from Mercato Telematico Azionario, organised and managed by Borsa Italiana, on August 3.
