France’s premier lottery and sports betting operator, La Française des Jeux (FDJ), announced that its takeover proposal for Kindred Group has been approved by the Swedish regulator. As a result, the French betting powerhouse will launch its offer on February 20.
According to FDJ, its offer document secured the official approval of the Swedish Financial Supervisory Authority (SFSA), allowing it to proceed with its deal. The French operator also added that its offer, set to be launched tomorrow, will go live for a maximum period of 39 weeks.
The completion of the tender offer would remain subject to additional regulatory approvals and FDJ’s acquisition of at least 90% of Kindred’s issued capital.
In the meantime, Kindred will hold an extraordinary general meeting on March 15. During the meeting, the operator group will discuss whether to amend the Articles of Association to allow for the implementation of a squeeze-out procedure in case FDJ acquires 90% or more of Kindred’s capital.
The Deal Would Close in November
FDJ’s offer is available in English and French on its official website and confirms many of the previously announced aspects of the deal. According to the announcement, FDJ will pay SEK 130 per share to acquire Kindred’s business.
Under the terms published by FDJ, the deal would close on November 28.
FDJ’s board of directors has already greenlit the move, while Kindred’s board advised shareholders to approve the deal.
As the merger looms, Capital Research and Management Company, a subsidiary of The Capital Group Companies, reduced its shares in Kindred Group. This came amid a spike in Kindred Group’s share price.
In other news, FDJ recently published its FY 2023 results, reporting solid growth and robust results. The company’s revenues hit $2.82 million, marking a YOY increase of 6.5%. EBITDA, on the other hand, stood at $705.9 million, representing an increase of 11.3% and a margin of 25.1%.