Paris-listed La Française des Jeux (FDJ) has brought forward the completion date for its acquisition of Kindred Group after obtaining all necessary regulatory approvals.
The recent approval by the French Competition Authority was the last regulatory condition required for the deal to complete, with the acceptance period for the offer now expiring at 5pm on Wednesday 2 October, instead of the initial expiration date of Tuesday 19 November.
Completion of the offer remains subject to other conditions, including FDJ becoming the owner of more than 90 per cent of the total number of shares in Kindred on a fully diluted basis.
To date, five shareholders (Corvex Management, Premier Investissement, Eminence Capital, Nordea and Veralda), representing 26.72 per cent of Kindred’s outstanding Swedish depository receipts (SDRs), have made an irrevocable commitment to tender their SDRs to the offer.
In addition, FDJ acquired 1.11 per cent of Kindred’s outstanding SDRs directly from Veralda in March.
FDJ will announce the result of the offer on or around 3 October at the close of market.
If the offer is completed, settlement and delivery for Kindred shareholders who tender their SDRs will take place on or around 11 October.
The approval by the French Competition Authority is conditional on FDJ’s gaming offerings in the commercial market being offered under one or more distinct brands that have no common root or logo association with the brands of FDJ, Parions Sport, or any other brand under which FDJ markets its games under exclusive rights in France.
Shares in La Française des Jeux SA (PAR:FDJ) were trading 0.52 per cent higher at €38.44 per share in Paris earlier Wednesday, while shares in Kindred Group plc (STO:KIND-SDB) were up 0.23 per cent at SEK129.40 per share in Stockholm.