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Kindred Group acquires 32Red

2017-06-29 08:56:37

Following months of anticipation, the news finally came through on June 6th, 2017 that Kindred Group received approval from the UK Gambling Commission (UKGC). Following the acquisition, it was announced that 32Red’s shares would be delisted from the London Stock Exchange on July 7th next month.

Full Control

With the acquisition of 32Red, Kindred Group will have complete control over the company. The purchase offer values 32Red at £175.6m (GBP) with Kindred Group gaining the remaining 97% of 32Red’s outstanding shares (some of which have yet to be accepted). Kindred valued each share at 196 pence (£1.96 GBP).

Outstanding Shareholder Approval

The purchase offer has been accepted by the majority of 32Red shareholders but some acceptances remain outstanding. Acceptances which represent 97.6% of the company's issued share capital have been received up until now, and the offer will remain open to remaining shareholders until otherwise advised. The settlement is due on June 19th to those that have accepted the offer before June 5th. Acceptances submitted after June 5th will take 14 days after the date.