Ladbrokes owner makes £250m bid for Enlabs after shunning MGM
The owner of British betting firm Ladbrokes has made a £250m takeover bid for Swedish rival Enlabs, just days after rejecting an £8bn approach from MGM.
Entain today said it is offering 40 Swedish krona for each share of Enlabs, which specialises in sports betting.
This values the company at roughly 2.8bn krona (£250m), marking a 15.6 per cent premium on its share price over the last 90 days.
“The acquisition of Enlabs is perfectly aligned with our strategy of expanding across new regulated international markets,” said Entain chief executive Shay Segev.
“We are hugely excited by the growth opportunities it presents both in its existing markets and through new market opportunities.”
The offer has been accepted by Enlabs’ board and is expected to complete in the first quarter.
The move comes just three days after Entain rebuffed a £8bn takeover offer from US casino giant MGM.
The betting group, formerly known as GVC, said the offer “significantly undervalues the company”.
In a further show of strength this morning, Entain raised its full-year earnings forecast by roughly seven per cent to between £825m and £845m.