32Red Casino Acquisition Becomes 'Unconditional'
Kindred Group reported this week that its acquisition offer for 32Red Plc has become 'unconditional'. This means that the majority of the 32Red Casino parent company's shareholders accepted Kindred Group's £176 million offer.
In addition, Kindred overcame the other condition standing in the deal's way: It gained approval from the Licensing Authority of Gibraltar to buy 32Red Plc.
32Red's corporate body informed stakeholders that its investors and directorship had accepted the offer that was made by Kindred Group (formerly Unibet) last month.
The condition of the sale was that at least 50% of 32Red's shareholders give their blessing to the acquisition by Kindred.
Kindred To Integrate 32Red
Obtaining the unconditional offer means that Kindred Group can now go ahead with its plans. The first step is for 32Red to de-list itself as a London AIM enterprise.
Kindred Group will then re-register 32Red Plc as a private limited company. The final step is to integrate 32Red onto its own platform to become part of Kindred's multi-brand portfolio.
Kindred aims to integrate 32Red's assets, which include the Microgaming-powered 32Red Casino, as well as sports betting and poker arms, by the first half of this year.
32Red with thus contribute directly to Kindred's full year 2017 forecasts.
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