By Reuters Staff
FILE PHOTO: A pedestrian walks past a branch of Ladbrokes in London, Britain December 22, 2017. REUTERS/Simon Dawson
(Reuters) -Ladbrokes owner Entain Plc said on Thursday it has offered to buy Sweden-based sports betting firm Enlabs AB for about $343 million, days after rejecting an $11 billion takeover approach from U.S.-based MGM Resorts.
Entain, which earlier this week said the approach from MGM Resorts significantly undervalued its business, is offering 40 SEK for each Enlabs share.
The acquisition of Enlabs is perfectly aligned with our strategy of expanding across new regulated international markets, said Entain Chief Executive Shay Segev, who in November announced plans to exit unregulated markets by 2023.
Entain, formerly known as GVC Holdings, also raised its annual core earnings forecast to between 825 million pounds and 845 million pounds, an increase of about 7%.
The Enlabs offer has been backed by the Swedish companys board and is expected to close in the first quarter of 2021, the London-listed company said.
($1 = 8.1732 Swedish crowns)read more
Ladbrokes owner Entain offers to buy Sweden’s Enlabs for about $342.58 million – Reuters UK
