NeoGames has extended the acceptance period for its acquisition of Aspire Global to provide remaining shareholders of the latter the opportunity to accept its offer.
Following the company’s bid early this year of SEK4.3bn (£349m) to take over Aspire, the original acceptance period was said to end on May 25, 2022. However, that deadline has now been moved to June 14, 2022 at 5pm (CEST).
NeoGames stated that shareholders in Aspire Global who accept the offer during the extension of the acceptance period will receive the ‘Base Case Alternative’ that consists of 50 per cent cash and 50 per cent NeoGames shares in the form of Swedish depository receipts.
The company has revealed that it has received regulatory approvals from both the Gibraltar Gambling Commission and the North Macedonia Competition Authority.
Moreover, the completion of the offer is also conditional upon Aspire Global resolves to accelerate the current incentive programmes within the company, and makes sure that all outstanding options, as well as any other warrants/options issued by Aspire, are converted into new shares, resulting in the creation of 828,094 or less new shares in Aspire Global.
NeoGames has, with the approval by Aspire Global’s independent bid committee, entered into option purchase agreements with 53 employees and consultants in the latter, who held all outstanding options under Aspire Global’s various incentive programmes.
At the end of the acceptance period on May 25 2022 and including late but approved acceptances, in total 45,860,537 shares in Aspire Global have been tendered in the offer, corresponding to 98.25 per cent of the shares and votes in Aspire Global on a non-diluted basis.
Should the options acquired by NeoGames be exercised, NeoGames would together with the tendered shares control 46,664,516 shares in Aspire Global representing 98.27 per cent of the shares and votes in Aspire Global on a fully diluted basis.