MGM secures further shareholder approval ahead of LeoVegas acquisition
MGM Resorts International’s offer for LeoVegas has now been accepted by a total of 98.07% of shareholders in the online gambling operator, with the acquisition expected to conclude next week.
The public tender offer worth $604m (£529m/€605m) was submitted in May this year. The proposal for MGM pay SEK61.00 in cash per share was unanimously backed by the LeoVegas board, while MGM also secured all necessary 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 at prices not exceeding the price in the, 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.
As such, MGM now controls a total 95,767,409 shares in LeoVegas, which corresponds to approximately 98.07% of the outstanding shares in operator.
Settlement for shares tendered in the Offer during the extended acceptance period will begin around 22 September, while MGM said it would not not extend the acceptance period for the offer further.
MGM also confirmed it had initiated a compulsory acquisition procedure in accordance with the Swedish Companies Act to acquire all shares not tendered in the offer, with LeoVegas’ application for delisting of the shares from Nasdaq Stockholm having been approved on 8 September 2022.
The last day of trading in LeoVegas shares at Nasdaq Stockholm will be 22 September 2022.