Entain to Acquire Enlabs in April 2021

Entain (LON: ENT), through its wholly owned subsidiary Bwin, has completed its public cash offer to Enlabs’ (FRA: 8NL) shareholders at SEK53 per share (£4.48/€5.21/$6.21).

Enlabs sold 65.9 million shares to Entain

The revised offer has now been accepted by shareholders who between them hold 65.9 million shares, which is roughly 94.2% of the total number of shares and votes in the company. According to Entain, all conditions for the completion of the offer have been satisfied and the operator has now declared it unconditional.

It is expected that payment for the Enlabs shares tendered by 18 March will occur on or around 30 March. The offer does not include warrants issued by Enlabs and acquired by employees through the company’s incentive program.

Entain has also proposed acquiring all interests owned by the warrant holders in a separate offer at a price equal to the see-through vale of the warrants on the basis of the offer price. This separate offer has now been accepted by holders of 1.35 million out of a total of 1.4 million of warrants allotted and given to participants of the incentive program.

The acceptance period has now been extended until 1 April to give the remaining Enlabs shareholders more time to accept the offer. As a result, the acquisition is expected to be complete around 13 April.


Entain now intends to begin compulsory acquisition proceedings relating to Enlabs shares not tendered in the offer and requires that the Enlabs board apply for a delisting of the shares from the Nasdaq First North Growth Market.

Entain first made an offer to acquire Enlabs in January, at a price of SEK40 per share. Full details of the offer were published that month and Entain explained that it will help Enlabs expand into new markets, such as Ukraine and Belarus. The offer was initially rejected before Entain increased it to SEK53 per share in March, at which point the majority of Enlabs shareholders backed it.

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