Swedish authorities launch probe into insider trading of LeoVegas shares
The Swedish Economic Crime Authority has launched a preliminary investigation into suspected insider trading in LeoVegas' shares.
The Economic Crime Authority said that it made an “unannounced visit” to LeoVegas’ offices in Stockholm earlier today (7 June).
The operator said that it is assisting authorities in the investigation. It added that all questions regarding the investigation must be directed to the Authority.
No LeoVegas employees, members of its management team or board members have been notified about any criminal activity.
Last month land-based operator MGM Resorts made a bid to acquire LeoVegas for $607m (£482.8m/€576.6m).
MGM will pay SEK61 (£4.90/€5.85/$6.16) per share to acquire all of LeoVegas’ share capital, which LeoVegas noted was a premium of 44% compared to LeoVegas’ closing share price on 29 April. As a result of the offer, LeoVegas’ share price skyrocketed to SEK60.30 on 2 May, though it had already risen slightly in the preceding days.
A spokesperson for MGM told iGB that the announcement from LeoVegas was “all the info we have at this time”.