France’s top gaming operator, La Francais de Jou (FDJ), has issued a significant update regarding its acquisition of Kindred Group. The acceptance period for the offering, which was originally set to expire on November 19, 2024, has been moved up to 5 p.m. ET on October 2, 2024. The change comes as the company finally receives the necessary regulatory approval from the French competition authority, which will allow FDJ to quickly complete the strategic acquisition.

A detailed overview of the acceleration timeline:

According to a report by BusinessWire, the FDJ’s public offer to acquire all Kindred Group’s Swedish Depository (SDR) at a price of SEK 130 per SDR was first announced in January 2024. The offer quickly gained attention for its potential to significantly reshape the European gaming landscape. After the proposal document was released in February and subsequent updates were announced, the FDJ now has approval from all relevant regulators to proceed with the acquisition, including final approval from French competition authorities.

For the success of the offer, several of Kindred’s key shareholders, including Kobex Management LP, Premier Investment SAS, Emotion Capital, Nordea and Veralda, have entered into agreements that cannot cancel their tender offer of shares in the offer. In addition, FDJ directly acquired 1.11% of Kindred’s SDR from Veralda through a transaction completed in March 2024.

Completion of the acquisition will depend on FDJ securing ownership of over 90% of the total number of Kindred shares on a fully diluted basis. This regulation is critical as it ensures FDJ can effectively integrate Kindred’s operations and assets into its existing portfolio without much opposition.

Strategic implications for FDJ:

The acquisition will significantly strengthen FDJ’s capabilities and market presence in Europe. By integrating Kindred’s assets, FDJ will be able to expand its digital and overseas presence as well as strengthen its capabilities to deliver products in multiple new markets. This strategic move is expected to reflect the expected growth and profitability from consolidated operations starting in fiscal 2025, resulting in a more than 10% increase in FDJ shareholders’ dividend per share.

Kindred’s board fully supported the proposal, with CEO Nils Anden highlighting the deal’s potential to quickly track the company’s strategic initiatives and achieve its goal of 100% local regulatory revenue streams more quickly. 슬롯사이트 순위

With regulatory hurdles now cleared, the FDJ will announce the outcome of the offer shortly after a new deadline of Oct. 3, 2024. If the deal goes ahead as planned, the agreement and delivery of shareholders accepting the offer is scheduled for around Oct. 11, 2024.