Thursday, October 6, 2022

MGM Resorts receives approvals for LeoVegas bid

MGM Resorts’ acquisition of LeoVegas has moved one step closer to completion after receiving all relevant approvals.

The US company commenced a public tender offer to acquire all LeoVegas shares in May for SEK 61 ($5.73) per share. However, success of MGM Resorts’ bid was subject to certain conditions.

These included the receipt of “regulatory, governmental or similar clearances, approvals and decisions,” a hurdle which the company has now cleared.

Nevertheless, other conditions specified in MGM Resorts’ so-called ‘Offer Document’ still apply. In total, there are seven conditions necessary for completion.

For example, no circumstances may occur which could have a “material adverse effect or could reasonably be expected to have a material adverse effect on LeoVegas’ financial position prospects or operations.”

The offer is also contingent upon shareholders’ acceptance. As previously announced, the acceptance period for MGM Resorts’ offer expires on 30 August.

Settlement for shares tendered will take place as soon as the company “announces that the conditions for the offer are fulfilled or if MGM otherwise decides to complete the offer.”

If such an announcement is made “no later than 31 August,” MGM Resorts expects settlement to be initiated “on or around 7 September.”

Through this transaction, the company is looking to grow its global iGaming footprint, as outlined by MGM Resorts’ CEO and President Bill Hornbuckle.

When the offer was announced in May, he commented: “We have achieved remarkable success with BetMGM in the US, and with the acquisition of LeoVegas in Europe we will expand our online gaming presence globally.”

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