Entain CEE’s tender offer, announced in June, sees the joint venture pay PLN24.80 per STS share for an equity value of £750m, and an enterprise value of approximately £690m.
With STS chief executive Mateusz Juroszek and his father Zbigiew signing a binding agreement to accept the offer, there was already majority support for the deal. The Juroszeks hold around 70% of the operator’s share capital.
Now, Entain says that STS shareholders holding 155,591,656 in STS shares have agreed to the deal, accounting for 99.3% of the total issued share capital. Settlement of the shares tendered through the offer, and its completion, is expected on 24 August.
Entain will instigate “compulsory acquisition proceedings” to acquire the remaining shares. In the meantime, STS will begin to de-list from the Warsaw Stock Exchange.
More to follow…