Online gaming and financial trading company Playtech PLC (LON:PTEC) has announced that further to its announcement on June 22 relating to the launch of the mandatory takeover offer for the remaining shares of Snaitech S.p.A. not owned by the Group, it is pleased to announce that, as at the end of the acceptance period for the Mandatory Takeover Offer, and including market purchases to date, the Group now owns approximately 96.5% of the total issued share capital of Snaitech.
Playtech had first announced its plans to acquire the Italian gaming company in April, in a deal valued at €846 million. As of the beginning of June Playtech had closed on 80% of Snaitech, and put plane in motion to complete the acquisition of the remainder.
As a result of the successful Mandatory Takeover Offer, Pluto (Italia) S.p.A., a wholly-owned subsidiary of Playtech, has announced that it is initiating the necessary steps for the transfer of the remaining approximately 3.5% minority shareholdings in Snaitech it does not own under article 111 of Italian Financial Services Act (the “Squeeze Out”). The shareholders of Snaitech that are subject to the Squeeze Out will receive cash consideration equal to 2.19 Euros per share as noted in the Mandatory Takeover Offer.
It is expected that Snaitech’s shares will be suspended from trading next week on August 1, 2018 and August 2, 2018 and that, following completion of the Squeeze Out, will be de-listed from Mercato Telematico Azionario, organised and managed by Borsa Italiana, on 3 August 2018.