September 16, 2022 Casino, Merger Aquisition, Finance

MGM Resorts International acquires 98% of shares in LeoVegas

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The settlement period for share acceptance will begin on September 22.

MGM Resorts has announced the acceptance of a public offer to the shareholders of LeoVegas to tender all their shares for $5.66 per share. As of 15th September, it owns 98% of shares in LeoVegas after a successful purchase period.

Initially, shareholders largely agreed to the offer, made on August 31, with 63,047,289 shares being sold. Since then, MGM has acquired a further 32,720,120 taking the total to 95,767,409.

The offer was unconditional, meaning that the remaining third-party shareholders could sell during an extended ‘acceptance period’ which ended September 14. During this time, a further 2,320,120 shares were purchased.

MGM Resorts has now initiated a compulsory acquisition process, per the Swedish Companies Act, to buy all shares not tendered in the August 31 offer. This shows its intention to gain 100% of shares in LeoVegas, which delisted from Nasdaq Stockholm on September 8.

There will be a settlement period for shares tendered in the offer during the extended acceptance period, which will begin around 22 September. MGM Resorts will not further extend the acceptance period for the offer.

LeoVegas AB is a Swedish mobile gaming company that provides online casino and sports betting services such as table games, video slots, progressive jackpots, video poker and live betting to several international markets.

This move demonstrates MGM Resort’s intention to extend its casino portfolio; along with the purchase of LeoVegas the company has also won regulatory approval to purchase the slotboss.co.uk, pinkcasino.co.uk, betuk.com and 21.co.uk brands in 2022.

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