In response to obtaining all necessary regulatory approvals for its planned Kindred Group acquisition, Groupe Française des Jeux has brought forward the expiry date of the offer’s acceptance period.
Previously, the acceptance period’s expiry was scheduled for 19 November 2024, but this has now been moved closer to 2 October after FDJ obtained all necessary regulatory approvals for the acquisition to go ahead.
Earlier this month, the French gambling group received approval for its proposed Kindred acquisition by France’s national competition regulator, the Autorité de la concurrence. This was the last regulation condition necessary for the group to finalise the Kindred offer.
Since submitting an offer of around €2.6m for the Unibet operator (SEK 130 in cash per Swedish Depository Receipt) back in January, which was unanimously recommended by the operator’s board of directors, FDJ has been moving closer towards the acquisition’s completion.
Progression over the past few months included receiving approval from the Swedish Financial Supervisory Authority in February and purchasing shares in Kindred.
With approval from the Autorité now obtained as well, FDJ has brought forward the acceptance period’s expiry to the beginning of next month.
FDJ added that the offer’s completion “remains subject to other conditions, notably it being accepted to such an extent that FDJ becomes the owner of more than 90% of the total number of shares in Kindred (on a fully diluted basis)”.
The operator noted: “To date, five shareholders (Corvex Management LP, Premier Investissement SAS, Eminence Capital, Nordea and Veralda), representing 26.72% of Kindred’s outstanding Swedish depository receipts, have made an irrevocable commitment to tender their SDRs to the offer.
“In addition, FDJ acquired 1.11% of Kindred’s outstanding SDRs directly from Veralda in March.”
The results of the offer will be announced by FDJ on or around 3 October at the close of the market. Should the offer be completed, settlement and delivery for Kindred shareholders who tender their SDRs will happen on or around 11 October.
