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FDJ makes €2.6bn offer for Kindred Group
(Sharecast News) - French gambling company La Francaise des Jeux on Monday launched a €2.6bn takeover bid for Sweden's Kindred Group. FDJ has tabled 130 Swedish crowns a share offer for Kindred, a premium of 24% to Kindred's January19 closing price, sending shares in the owner of Unibet and 32Red up more than 16%.
Kindred said it had attracted interest from "several parties" since starting a review of strategic alternatives last year. It added that FDJ's offer represented the "most attractive outcome for shareholders", leading its board to unanimously recommend the offer.
"The board believes that the terms of the offer recognise Kindred's long-term growth prospects, taking into account the risks and uncertainties associated with the realisation of those prospects," it added.
FDJ, which offers lottery scratch cards in France and in which the French state holds a stake of 20%, said the takeover would boost earnings and result in an accretion of more than 10% in its dividend per share.
Reporting by Frank Prenesti for Sharecast.com
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