Fortbet makes revised bid for Fortuna takeover

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Czech gaming operator Fortuna Entertainment is considering a revised offer from its majority shareholder, Fortbet, to assume full ownership of the company, and take it private.

 

Fortbet, part of the Czech-Slovak equity group Penta Investments already owns 79.8 percent after increasing its stake by eight percent last year.

This is the second attempt in as many months by Fortbet, whose offer of CZK170 per share was turned down in December.

Following discussions with Fortuna, the new offer at CZK182 per share brings the total acquisition costs to CZK9.49bn, or $447.8m.

Fortuna’s board said in a statement that they “fully support and recommend” the offer to its shareholders.

“After careful consideration of the strategic rationale, the financial aspects and consequences of the offer, the Boards believe that Fortbet offers a fair price, and believes that acceptance of the offer is in the best interest of Fortuna, the success of its business and its stakeholders.”

The deal is also contingent on the newly acquired company being delisted from both the Prague and Warsaw stock exchanges – to remove the requirement for competitively disadvantageous public disclosures – which Fortuna’s board “also recommend voting in favour of.”

Fortuna which is active in Slovakia, Czech Republic, Poland and Romania saw wagers grow by 70 percent in the first nine months of 2017, to E1.3bn.


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