After receiving all necessary approvals, MGM Resorts’ acquisition of LeoVegas has moved one step closer to completion.
In May, the US firm launched a public tender offer to acquire all LeoVegas shares for SEK 61 ($5.73) per share. The success of MGM Resorts’ bid, however, was contingent on certain conditions.
These included “regulatory, governmental, or similar clearances, approvals, and decisions,” which the company has now overcome.
Other conditions specified in MGM Resorts’ so-called ‘Offer Document’ remain in effect. There are a total of seven requirements for completion.
For example, no circumstances may occur that could “reasonably be expected to have a material adverse effect on LeoVegas’ financial position, prospects, or operations.”
The offer is also subject to shareholder acceptance. The acceptance period for MGM Resorts’ offer, as previously announced, expires on August 30.
Settlement for shares tendered will occur as soon as the company “announces that the offer’s conditions have been met or if MGM otherwise decides to complete the offer.”
If such an announcement is made “no later than August 31,” MGM Resorts anticipates that settlement will begin “on or around September 7.”
According to MGM Resorts’ CEO and President Bill Hornbuckle, the company’s goal with this transaction is to expand its global iGaming footprint.
“We have achieved remarkable success with BetMGM in the US, and with the acquisition of LeoVegas in Europe, we will expand our online gaming presence globally,” he said when the offer was announced in May.