LeoVegas elects new board ahead of MGM acquisition

| By Robert Fletcher
Online gambling operator LeoVegas has elected a new, three-member board ahead of its pending acquisition by MGM Resorts International.
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The board will include current LeoVegas chief executive Gustaf Hagman, MGM Resorts CEO William Hornbuckle and Gary Fritz, head of gaming at IAC, a major shareholder in LeoVegas. 

LeoVegas also confirmed that Fritz will serve as chairman of the new-look board.

The board will remain in place until the end of the operator’s next annual general meeting, with no remuneration to be paid to the directors.

Earlier this month, MGM Resorts’ offer for LeoVegas was accepted by a total of 98.07% of shareholders in the online operator, with the acquisition expected to conclude in the near future.

The public tender offer worth $604m (£560m/€625m) was submitted in May this year. The proposal for MGM to pay SEK61.00 in cash per share was unanimously backed by the LeoVegas board, while MGM also secured all regulatory and governmental approvals.

Earlier this month, it was revealed 65.56% of LeoVegas shareholders, which represented 63,047,289 of the total shares in LeoVegas, had accepted the terms of the offer

MGM also said it had acquired 30,400,000 LeoVegas shares increasing the total number of shares controlled to 93,447,289 shares, or 95.69% of the business.

During an extended acceptance period, which expired on 14 September, the offer was also accepted by shareholders with a total of 2,320,120 shares in LeoVegas, corresponding to approximately 2.38% of the total holding in the business.

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