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Evolution extends acceptance period for proposed merger with NetEnt

12th October 2020 10:09 am GMT
Playtech

Stockholm-listed Evolution Gaming has extended the initial acceptance period for its proposed merger with NetEnt until November.

The proposed transaction, which has the support of a majority of shareholders from both companies, was announced in June and was expected to be agreed by 30 October.

The offer is conditional upon the receipt of all necessary approvals from relevant authorities, including the Malta Competition and Consumer Affairs Authority and the UK Competition and Markets Authority (CMA).

The Malta Competition and Consumer Affairs Authority approved the acquisition on 29 September, while the process at the CMA is still ongoing. The CMA’s formal procedure was initiated on 22 September and continues until 16 November, and therefore will not be completed within the initial offer acceptance period.

As a result, Evolution’s board has extended the acceptance period until 20 November, with settlement expected to commence around 1 December. Evolution reserves the right to further extend the acceptance period for the offer and to postpone the settlement date.

Shares in Evolution Gaming Group AB (STO:EVO) were trading down 0.79 per cent at SEK750.20 per share in Stockholm Monday morning, having hit a new 52 week high of SEK767.80 per share.

Shares in NetEnt AB (STO:NET_B) were unchanged at SEK97.00 per share, having also hit a new 52-week high of SEK99.00 per share earlier in the day.

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