Cherry shareholders approve £806m takeover offer
Multi-million-pound takeover to complete on 1 February
Cherry shareholders have today approved the £806m takeover of the online gaming operator.
The firm will be sold to Cherry AB Swedish private equity consortium Entertainment Intressenter BidCo AB.
The consortium, which includes current Cherry shareholders Pontus Lindwall and chairman of the board Morten Klein, first tendered the offer to purchase 45,425,416 shares in the business at a price of SEK 87 per share in December.
At the time of the offer the investors owned 50,100,368 shares or a 47.4% share in Cherry. Upon completion investors will own 93.3% of all voting rights in the business.
Completion of the takeover is currently dependent on clearance being received from the Austrian Federal Competition Authority, which has not been received. Cherry has confirmed that all other required clearances have been received.
To allow time for this to take place, the companies have agreed to extend the completion period of the offer until 1 February, with settlement commencing on 4 February.
Cherry are due to release their Q4 financial report on 13 February, after which time the company will be delisted from the Nasdaq Stockholm stock exchange.