Entain PLC (LON:ENT) raised the price of its takeover offer for Baltics gaming group Enlabs by almost a third after objections from a US investor.
The UK betting group originally offered SEK40 (£3.40) per share, but this has now been raised to SEK53 (£4.50) valuing the Swedish group at SEK3.7bn (£316mln).
Texas-based Alta Fox and other shareholders had objected to the first offer, saying it was ‘considerably too low’ but the US group has now accepted in respect of its 3.7%.
Entain said in total it has now received acceptance from around 51% of Enlabs shareholders.
Rob Wood, Entain’s chief financial officer and deputy CEO, added: "Entain is able to provide the scale and platform needed to further support Enlabs’ long-term growth, and we firmly believe that Entain will be the best home for Enlabs, its employees and customers.
“Against this background, we have decided to make a final offer of SEK 53 to all shareholders, providing an opportunity to exit their investment at a very attractive valuation.
“We are pleased that shareholders with around 51 per cent have now irrevocably agreed to accept the offer and would urge other shareholders to do the same by 18 March.”