TIDMENT
This announcement is not an offer, whether directly or indirectly, in
Australia, Canada, Hong Kong, Japan, New Zealand or South Africa or in any
other jurisdiction where such offer pursuant to legislation and regulations in
such relevant jurisdiction would be prohibited by applicable law. Shareholders
not resident in Sweden who wish to accept the Offer (as defined below) must
make inquiries concerning applicable legislation and possible tax consequences.
Shareholders should refer to the offer restrictions included in the section
titled "Important information" at the end of this announcement and in the offer
document which was published on 20 January 2021. Shareholders in the United
States should also refer to the section titled "Special notice to shareholders
in the United States" at the end of this announcement.
PRESS RELEASE, 22 MARCH 2021
Entain successfully completes the recommended public cash offer to the
shareholders of Enlabs and extends the acceptance period
On 7 January 2021, Entain plc, through its wholly-owned subsidiary Bwin
Holdings (Malta) Limited ("Entain") announced a public cash offer to the
shareholders of Enlabs AB (publ) ("Enlabs") to tender all their Enlabs shares
to Entain (the "Offer"). On 1 March 2021, Entain announced that it had decided
to increase the consideration in the Offer from SEK 40 per share to SEK 53 per
share.
The Offer has been accepted by shareholders holding in total 65,856,834 shares,
corresponding to approximately 94.2% of the total number of shares and votes in
Enlabs.
As set out in the offer document, the Offer did not include warrants issued by
Enlabs and acquired by employees under the incentive program implemented by
Enlabs. Entain has offered the warrant holders to sell all their warrants to
Entain outside of the Offer at a price equal to the see-through value of the
warrants on the basis of the offer price. The separate offer to the warrant
holders has been accepted by holders of 1,350,000 warrants out of a total of
1,400,000 warrants allotted and transferred to participants in the incentive
program.
Except as set out above, Entain has not acquired any Enlabs shares or financial
instruments that give a financial exposure to the Enlabs shares outside the
Offer.
All conditions for completion of the Offer have been satisfied and Entain
therefore declares the Offer unconditional. Settlement in respect of the Enlabs
shares tendered no later than 18 March 2021, is expected to occur on or around
30 March 2021.
Entain has decided to extend the acceptance period until 13.00 CET on 1 April
2021 to enable Enlabs shareholders who have not yet accepted the Offer to
accept the Offer. Settlement in respect of shares tendered during the extended
acceptance period is expected to occur on or around 13 April 2021. Entain will
not extend the acceptance period further.
Entain intends to initiate compulsory acquisition proceedings in respect of
Enlabs shares not tendered in the Offer, and to request that the Enlabs board
applies for a delisting of the Enlabs shares from Nasdaq First North Growth
Market.
The offer document (including the supplement) in Swedish and English versions
as well as other information relating to the Offer are available on Entain's
website https://entaingroup.com/investor-relations/
enlabs-ab-public-offer-documents/, on the website of Aktieinvest FK AB
www.aktieinvest.se/enlabs2021, and on the website https://www.enlabs-offer.com.
For further information, please contact:
Entain plc
Investor Relations
David Lloyd-Seed, Group Director of Investor Relations & Corporate
Communications
investors@entaingroup.com
Media
Tessa Curtis, Head of Media Relations
Jay Dossetter, Head of ESG and Press Office
media@entaingroup.com
tessa.curtis@entaingroup.com
jay.dossetter@entaingroup.com
Powerscourt
Rob Greening / Elly Williamson
Tel: +44 (0) 20 7250 1446
entain@powerscourt-group.com
Fogel & Partners
Birgitta Henriksson
birgitta.henriksson@fogelpartners.se
+46 70 812 86 39
The information set out in this announcement was submitted for publication on
22 March 2021, 8.00 a.m. CET.
Important information
The Offer is not being made, directly or indirectly, in or into Australia,
Canada, Hong Kong, Japan, New Zealand or South Africa by use of mail or any
other communication means or instrumentality (including, without limitation,
facsimile transmission, electronic mail, telex, telephone and the Internet) of
interstate or foreign commerce, or of any facility of national securities
exchange or other trading venue, of Australia, Canada, Hong Kong, Japan, New
Zealand or South Africa, and the Offer cannot be accepted by any such use or by
such means, instrumentality or facility of, in or from, Australia, Canada, Hong
Kong, Japan, New Zealand or South Africa. Accordingly, this press release or
any documentation relating to the Offer are not being and should not be sent,
mailed or otherwise distributed or forwarded in or into Australia, Canada, Hong
Kong, Japan, New Zealand or South Africa.
This press release is not being, and must not be, sent to shareholders with
registered addresses in Australia, Canada, Hong Kong, Japan, New Zealand or
South Africa. Banks, brokers, dealers and other nominees holding shares for
persons in Australia, Canada, Hong Kong, Japan, New Zealand or South Africa
must not forward this press release or any other document received in
connection with the Offer to such persons.
The Offer, the information and documents contained in this press release are
not being made and have not been approved by an authorised person for the
purposes of section 21 of the UK Financial Services and Markets Act 2000 (the "
FSMA"). The communication of the information and documents contained in this
press release is exempt from the restriction on financial promotions under
section 21 of the FSMA on the basis that it is a communication by or on behalf
of a body corporate which relates to a transaction to acquire day to day
control of the affairs of a body corporate; or to acquire 50 per cent or more
of the voting shares in a body corporate, within article 62 of the UK Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005.
Statements in this press release relating to future status or circumstances,
including statements regarding future performance, growth and other trend
projections and other benefits of the Offer, are forward-looking statements.
These statements may generally, but not always, be identified by the use of
words such as "anticipates", "intends", "expects", "believes", or similar
expressions. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will
occur in the future. There can be no assurance that actual results will not
differ materially from those expressed or implied by these forward-looking
statements due to many factors, many of which are outside the control of
Entain. Any such forward-looking statements speak only as of the date on which
they are made and Entain has no obligation (and undertakes no such obligation)
to update or revise any of them, whether as a result of new information, future
events or otherwise, except for in accordance with applicable laws and
regulations.
Special notice to shareholders in the United States
The Offer described in this press release is made for the issued and
outstanding shares of Enlabs, a company incorporated under Swedish law, and is
subject to Swedish disclosure and procedural requirements, which may be
different from those of the United States. The Offer is made in the United
States pursuant to Section 14(e) of the U.S. Securities Exchange Act of 1934,
as amended (the "U.S. Exchange Act") and Regulation 14E thereunder, to the
extent applicable, and otherwise in compliance with the disclosure and
procedural requirements of Swedish law, including with respect to withdrawal
rights, the Offer timetable, notices of extensions, announcements of results,
settlement procedures (including as regards to the time when payment of the
consideration is rendered) and waivers of conditions, which may be different
from requirements or customary practices in relation to U.S. domestic tender
offers. Holders of the shares of Enlabs domiciled in the United States (the "
U.S. Holders") are encouraged to consult with their own advisors regarding the
Offer.
Enlabs' financial statements and all financial information included herein, or
any other documents relating to the Offer, have been or will be prepared in
accordance with IFRS and may not be comparable to the financial statements or
financial information of companies in the United States or other companies
whose financial statements are prepared in accordance with U.S. generally
accepted accounting principles. The Offer is made to the U.S. Holders on the
same terms and conditions as those made to all other shareholders of Enlabs to
whom an offer is made. Any information documents, including the offer document,
are being disseminated to U.S. Holders on a basis comparable to the method
pursuant to which such documents are provided to Enlabs' other shareholders.
The Offer, which is subject to Swedish law, is being made to the U.S. Holders
in accordance with the applicable U.S. securities laws, and applicable
exemptions thereunder. To the extent the Offer is subject to U.S. securities
laws, those laws only apply to U.S. Holders and thus will not give rise to
claims on the part of any other person. The U.S. Holders should consider that
the Offer Price is being paid in SEK and that no adjustment will be made based
on any changes in the exchange rate.
It may be difficult for Enlabs shareholders to enforce their rights and any
claims they may have arising under the U.S. federal or state securities laws in
connection with the Offer, since Enlabs and Entain are located in countries
other than the United States, and some or all of their officers and directors
may be residents of countries other than the United States. Enlabs shareholders
may not be able to sue Enlabs or Entain or their respective officers or
directors in a non-U.S. court for violations of U.S. securities laws. Further,
it may be difficult to compel Enlabs or Entain and/or their respective
affiliates to subject themselves to the jurisdiction or judgment of a U.S.
court.
To the extent permissible under applicable law or regulations, Entain and its
affiliates or its brokers and its brokers' affiliates (acting as agents for
Entain or its affiliates, as applicable) may from time to time and during the
pendency of the Offer, and other than pursuant to the Offer, directly or
indirectly purchase or arrange to purchase shares of Enlabs outside the United
States, or any securities that are convertible into, exchangeable for or
exercisable for such shares. These purchases may occur either in the open
market at prevailing prices or in private transactions at negotiated prices,
and information about such purchases will be disclosed by means of a press
release or other means reasonably calculated to inform U.S. Holders of such
information. In addition, the financial advisors to Entain may also engage in
ordinary course trading activities in securities of Enlabs, which may include
purchases or arrangements to purchase such securities as long as such purchases
or arrangements are in compliance with the applicable law. Any information
about such purchases will be announced in Swedish and in a non-binding English
translation available to the U.S. Holders through relevant electronic media if,
and to the extent, such announcement is required under applicable Swedish or
U.S. law, rules or regulations.
The receipt of cash pursuant to the Offer by a U.S. Holder may be a taxable
transaction for U.S. federal income tax purposes and under applicable U.S.
state and local, as well as foreign and other, tax laws. Each shareholder is
urged to consult an independent professional adviser regarding the tax
consequences of accepting the Offer. Neither Entain nor any of its affiliates
and their respective directors, officers, employees or agents or any other
person acting on their behalf in connection with the Offer shall be responsible
for any tax effects or liabilities resulting from acceptance of this Offer.
NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY U.S. STATE
SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THE OFFER, PASSED ANY
COMMENTS UPON THE MERITS OR FAIRNESS OF THE OFFER, PASSED ANY COMMENT UPON THE
ADEQUACY OR COMPLETENESS OF THIS PRESS RELEASE OR PASSED ANY COMMENT ON WHETHER
THE CONTENT IN THIS PRESS RELEASE IS CORRECT OR COMPLETE. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.
END
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