Betsson’s £26.4 million ($33.5 million/€31 million) bid for Netplay TV has been accepted by the interactive TV gaming company’s board.
The firms said under the terms of the offer, each NetPlay shareholder – should they agree to the deal – would receive 9p in cash for each ordinary share held.
The value of the offer reportedly represents a premium of around 12.5% to the closing price of 8p per share on February 1, and 18.8% to the market capitalisation of the company on the same date.
The offer was described as an “attractive opportunity” for NetPlay shareholders and represented a premium of 11.4% to the volume-weighted average price of 8.08p per share over the three-month period to February 1.
The NetPlay directors said they consider the terms of the offer to be fair and reasonable, and as such intend to unanimously recommend that NetPlay shareholders vote in favour of the scheme.
“NetPlay has developed into the UK's largest interactive TV gaming company, and its complementary fit with Betsson will ensure that the company is best placed to capitalise on future growth opportunities,” said Bjarke Larsen, chief executive of NetPlay.
“A combination with Betsson would allow NetPlay to best utilise the enlarged group's assets to enhance the gaming experience for its customers.”
Betsson said major shareholders Directforce Trading and Henderson Global Investors have already agreed to vote in favour of the scheme.
“NetPlay operates three brands, each with strong offerings, and we believe that applying Betsson's experience of operating successful casino brands will add to NetPlay's earnings and growth,” said Betsson president and chief executive Ulrik Bengtsson.
“We have a long-term view on NetPlay and will achieve significant cost synergies and operational improvements over time.
“Part of Betsson's acquisition strategy is to add volume to its scalable Techsson platform and to increase the share of regulated revenue.”
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