American land-based casino giant MGM Resorts International has announced the receipt of the ‘necessary governmental clearances’ concerning its $607 million plan to purchase prominent iGaming operator LeoVegas AB.
The Las Vegas-headquartered company behind almost 30 casino resorts in the United States and Macau used an official Friday press release to detail that its offer for the firm responsible for the mobile-friendly online casino and sportsbetting sites at GoGoCasino.com, LeoVegas.com, SlotBoss.co.uk, RoyalPanda.com, PinkCasino.co.uk, BetUK.com, 21.co.uk and LiveCasino.com was first floated in early May via its own MGM Casino Next Lion LLC subsidiary. The enterprise also explained that it now intends to move ahead with its proposal to acquire the Stockholm-listed iGaming heavyweight’s entire issued share capital at an individual price of approximately $5.74.
Buying behemoth:
Established in 1987, MGM Resorts International runs eleven gambling-friendly properties along the Las Vegas Strip including the Bellagio Las Vegas, MGM Grand Las Vegas and Excalibur Hotel and Casino and revealed in February that its net revenues for 2021 had risen by 88% year-on-year to top $9.7 billion. The operator of eight regional American casinos such as the MGM National Harbor, MGM Grand Detroit and MGM Springfield furthermore holds a majority stake in MGM China Holdings Limited while operating the mobile-friendly BetMGM online sportsbetting service in partnership with British iGaming colossus Entain.
Determined deadline:
MGM Resorts International disclosed that the recent consents will allow it to officially lodge its takeover bid with the many shareholders of Stockholm-headquartered LeoVegas AB featuring an August 30 expiration date. The Nevada company moreover proclaimed that settlement of its proposal is destined to take place as soon as it ‘announces that the conditions for the offer are fulfilled’ and it has resolved to complete the plan, which it now expects to occur around the seventh day of September.
Read a statement from MGM Resorts International…
“The completion of the offer is subject to the conditions stated in the offer document including the receipt of all regulatory, governmental or similar clearances, approvals and decisions that are necessary to complete the transaction. MGM Resorts International has received all relevant approval so the condition regarding the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions is fulfilled.”
Increased investment:
MGM Resorts International divulged that it already holds a 25.36% shareholding in LeoVegas AB while the iGaming target’s President and Chief Executive Officer, Gustaf Hagman, is the next largest investor courtesy of his 7.97% stake. The American company earlier noted that it subsequently hopes to utilize the online casino firm’s many licenses to expand its own services across Europe and North America including into the newly-regulated Ontario market.
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