Playtech PLC (LON:PTEC) has announced that Consob, the supervisory authority for the Italian financial market, has approved its mandatory takeover offer for the remaining shares of Snaitech SpA not owned by the UK-listed group.
In a statement, the FTSE 250-listed firm said, as at the date of today’s announcement, it holds almost 81.0 % of Snaitech’s issued share capital, as a result of the acquisition of approximately a 70.6% stake, plus market purchases of approximately 10.3%
READ: Playtech cheers the City with €846mln acquisition of Italian rival Snaitech
The online gaming software developer noted that the acceptance period for the mandatory takeover offer will start at 8:30 am (CEST) on 26 June 2018 and will end at 5:30 pm (CEST) on 23 July 2018.
It said the consideration, equal to €2.19 per share will be paid to the tendering shareholders on 30 July 2018.
The group added that Mor Weizer, Playtech’s chief executive officer, and Andrew Smith, its chief financial have both been appointed to Snaitech’s board.
Playtech revealed on April 12 that is was splashing out €846mln to acquire its Italian rival. In 2017, Snaitech generated underlying earnings (EBITDA) of €136mln on revenue of €890mln.
The group expects to extract material annual cost synergies of €10mln as well as revenue synergies.