Stockholm-listed operator Cherry looks set to be acquired by European Entertainment Intressenter BidCo in the next week after the majority of the company’s shareholders approved the deal.

Cherry received a SEK9,193m takeover offer last month from EE Intressenter, a company jointly controlled by a consortium consisting of private equity firm Bridgepoint Advisers and a number of Cherry shareholders.

At the announcement of the SEK87 per share offer, members of the consortium owned 50,100,368 shares, corresponding to 47.4 per cent of the shares and 37.9 per cent of the votes in Cherry.

Following the expiration of the initial acceptance period on Friday, the offer has now been accepted by shareholders holding a further 45,425,416 shares, equivalent to 43.0 per cent of the shares in Cherry.

The shares tendered in the offer, together with the shares controlled by the consortium, amount to an aggregate 4,988,000 shares of series A and 90,537,784 shares of series B in Cherry. This equates to approximately 90.4 per cent of all the shares and 93.3 per cent of all the voting rights in Cherry.

Except for competition clearance in Austria, all conditions for completion of the offer have been satisfied.

With reference to when competition clearance can reasonably be expected in Austria, and in order to give the remaining shareholders in Cherry further opportunity to accept the offer, EE Intressenter has extended the acceptance period to 5pm on 1 February.

Assuming that the remaining condition for completion of the offer has been satisfied on or before 1 February, settlement is expected to commence on or about 4 February.

Shares in Cherry AB (STO:CHER) remained unchanged at SEK86.90 per share in Stockholm Monday morning.

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