Entain has secured all of the necessary regulatory approvals to proceed with its proposed acquisition of Baltic-facing operator Enlabs.
The operator lodged an initial bid in January, but after some minority Enlabs shareholders rejected the offer, saying it “materially undervalued” the business, Entain last week upped its bid to SEK3.7bn (£312.1m/€364.3m/$432.9m).
A total of 51.0% of shareholders with shares and votes in Enlabs have backed the improved offer, including Entain’s board and shareholders that own 42.2% of Enlabs.
Entain has now also secured necessary approvals from the relevant competition and gambling authorities. The operator had been required to obtain these approvals in order for the acquisition to move forward.
The acceptance period for the offer is due to expire on 18 March, with Enlabs having extended this from an initial cut-off date of 18 February to allow enough time to secure all necessary approvals for the deal.
However, Entain said it could again extend this acceptance period to allow more time for all conditions of the offer to be met.
“Entain will be the best home for Enlabs, its employees and customers,” Entain chief financial officer and deputy chief executive Rob Wood previously said.
Confirmation of the approvals comes after Entain last week announced that its revenue in 2020 was almost exactly flat at £3.63bn, as online growth largely cancelled out retail declines.
