Kindred Group’s £176 million cash offer for 32Red Plc has been accepted by 32Red’s majority shareholders and approved by the Licensing Authority of Gibraltar.
32Red’s governance informed corporate stakeholders that both its investors and directorship had accepted Kindred’s £176 million offer put forward on 23 February 2017. That means Kindred Group gained at least the needed 50 percent shareholder acceptance needed to progress with its acquisition.
The Licensing Authority of Gibraltar has also approved the deal saying it meets all regulatory conditions.
With the offer now deemed unconditional, 32Red will move to de-list the company as a London AIM enterprise. As the acquiring company, Kindred will initially seek to re-register 32Red as a private limited company before integrating the firm with its current multi-brand portfolio, according to local media reports.
