Global sports betting and gaming entertainment operator Entain has confirmed the receipt of all regulatory approvals from relevant competition and gaming authorities regarding its takeover bid of Enlabs.

Initial moves were made to acquire the Baltics online gambling group in January in a SEK 40 per share deal which valued the group at SEK 2.8bn, equivalent to approximately £250m, which itself came a short time after Entain had rebuffed an £8bn proposal from its US partner MGM Resorts International.

Subsequently the group, via its wholly-owned Bwin Holdings subsidiary, returned at the turn of this month with an increased proposition of SEK 53 per share, which values Enlabs at around SEK 3.7bn, the equivalent to approximately £316m.

The independent bid committee of Enlabs was said to have informed the firm that it was recommending that shareholders accept the offer, after a number of interested parties, representing a ten per cent holding, suggested that the initial proposal “materially undervalues the company”.

As a result of the latest set of approvals, the condition for the completion of the offer regarding the receipt of all necessary regulatory green-lights, has been fulfilled, with the acceptance period to expire at 17:00 CET on March 18, 2021. Entain reserves the right to extend the acceptance period of the offer, as well as to postpone the date of settlement.

The company previously updated that a selection of those shareholders who had previously voiced objection to the takeover have now “provided irrevocable undertakings to Entain to accept the increased offer”.

Individuals holding a little under 51 per cent of Enlabs shares had entered into commitment to accept the revised offer, which the firm says is “more attractive” to shareholders. 

Last week, amid a resolve to become net zero for greenhouse gas emissions by no later than 2035, Entain reported that revenue for 2020 remained flat at £3.62bn (2019: £3.63bn), gross profit drop three per cent to £2.30bn (2019: £2.36bn), and underlying EBITDA rise 11 per cent to £843.1m (2019: £761.4m).

The group says the year’s major disruptions came during Q2 and Q3 via retail closures and global sporting interruptions, with a strong performance prior to COVID-19 restrictions being imposed subsequently offset.