FDJ acquires 1.12 per cent of Kindred shares from Veralda

Image: photofort 77/Shutterstock

Groupe Française des Jeux has announced it has acquired 1.12 per cent of outstanding shares in Kindred from Veralda Investment, corresponding to 2.4 million shares at SEK 122.5 per share.

The French gambling operator submitted an offer to acquire Kindred back in January for around €2.6bn, an offer which was unanimously recommended by Kindred’s board and approved by the Swedish Financial Supervisory Authority in February.

The offer initially launched on February 20 and will last for a maximum of 39 weeks, expiring on or around November 19, 2024, subject to regulatory authorisations and FDJ’s acquisition of at least 90 per cent of Kindred’s capital.

FDJ also obtained irrevocable undertakings to accept 27.9 per cent of outstanding shares in Kindred for SEK 130 per share. Veralda was allowed to sell 50 per cent of its shares, representing a 2.3 per cent stake. 

During its March 15 general meeting, Kindred amended its bylaws “to provide for squeeze-out rights of an offeror”. Shares could not be sold to FDJ at higher than the previously stated offer price of SEK 130 per share.

On March 18, Veralda notified FDJ that it would be selling 49 per cent of its shares, 1.12 per cent of outstanding shares in Kindred for SEK 122.5 per share. FDJ exercised its right to purchase the 2.4 million shares.

Following the purchase, FDJ holds 1.12 per cent of outstanding shares in Kindred, with the remaining irrevocable undertakings with Corvex Management LP, Premier Investissement SAS, Eminence Capital, Nordea and Veralda representing in total 26.82 per cent of the outstanding shares in Kindred.