Enlabs increases stake in Global Gaming to 95.8%
The Baltic-facing Enlabs, made a bid to acquire Global Gaming – in which it held a majority stake, which triggered the full takeover offer – in a deal that valued the business at SEK450m (£39.8m/€43.2m/$50.6m) in September, offering all Global Shareholders the opportunity to exchange their shares in Global for SEK11 in cash, 0.36 shares in Enlabs or a 50/50 split of cash and share value.
The 2 November deadline to accept the offer has now passed and will not be extended, and leaves Enlabs with control of more than 95% of the business.
Enlabs said just under half – 48.3% – of Global shareholders who took up the offer took up the cash offer, 38.3% opted for Enlabs shares and 5% chose the combination.
Enlabs will issue 2,542,431 new shares for former Global shareholders, increasing its total shares by 3.0%. Enlabs shares opened at €3.40 on the Nasdaq Stockholm Exchange.The total cash consideration it will pay, meanwhile, will be SEK52.8m.
Enlabs says it expects to pay cash considerations around 9 November and share considerations around 1 December.
The move will see Global Gaming delist its remaining shares from trading on the Nasdaq First North Growth Market, as was planned if Enlabs’ stake exceeded 90%. Global Gaming will soon announce the date on which it will be delisted.
Last month, the deal received approval from the Estonian Competition Authority, the only such authority that was looking into the acquisition.
When the deal closes, Christian Rasmussen, who Enlabs appointed to the Global board in August, serve as Global Gaming’s acting chief executive going forward, after Tobias Fagerlund agreed to step down from the position.