Entain extends deadline for Enlabs offer amid shareholder backlash

Ladbrokes owner Entain extended the acceptance deadline for its acquisition of Enlabs on Thursday, standing firm on its offer despite some recoil from Enlabs shareholders.

The FTSE 100 company said it had filed applications with competition and gaming authorities to obtain the necessary approvals for the takeover, but added that it did not expect those to come through during the current acceptance period, which ends on 18 February.

As a result, it had extended the acceptance period to 1700 CET on 18 March.

“Provided that Entain announces that the conditions of the offer have been satisfied or waived on 23 March, settlement is expected to commence on or around 30 March,” the Entain board said on Thursday.

The company had announced the public cash offer for all shares in Enlabs on 7 January, at a price of SEK 40 per share, which was subsequently unanimously recommended by Enlabs’ independent bid committee.

US hedge fund Alta Fox hit out against the bid, however, saying it “materially undervalued” the company, claiming it had the support of shareholders representing around 10% of Enlabs shares.

Enlabs is a Swedish gambling company with a particular focus on the Baltic countries, where it holds leading market positions.