Nordic Leisure makes £4.9m bid for Betting Promotion
Formal bid made following last week's announcement with deal expected to be completed by January
Nordic Leisure has made a formal offer for Betting Promotion in a bid which values the automated sports trading exchange specialists at £4.9m.
The offer represents a 27% premium on yesterday’s Betting Promotion closing price, which like Nordic Leisure is listed on the Nasdaq-OMX First North exchange.
With Nordic Leisure having already reached an agreement with 74.4% of Betting Promotion shareholders, the multi-brand operator will hope the offer will persuade remaining shareholders to sell.
The acceptance period for the offer is expected to run from 9 November until 7 December, with the settlement date estimated for 11 January next year.
Last week eGaming Review reported that Nordic Leisure had entered an agreement to buy Betting Promotions, with a source close to the deal saying both parties believe it will be beneficial to their operations.
Nordic Leisure posted gross gaming revenues of SEK61.2m (£4.9m) for 2014, while Betting Promotions reported net sales of 8.6m (£6.6m) for the same period.