April 13, 2021 | Consumer Discretionary | Europe | Ended
Following a 24-Mar-21 Rule 2.4 announcement confirming a possible combination, on 13-Apr-21, US-based gaming and entertainment company Bally’s entered a firm agreement to acquire UK online gaming company Gamesys. Uniquely, in this deal, while target shareholders can elect to receive all-cash or all-stock, there is a significant, 25.9% discrepancy between the election values. The higher consideration, aimed at most of the shareholders, is 1,850p per share in cash, a 12.7% premium to Gamsys’ undisturbed price on 23-Mar-21. Since the announcement of a possible combination, Gamesys shares have traded through both offer ... Deal risks assessed in this research report: • Competitve bidding or a bump does not emerge • Stringent US state antitrust reviews, leading to timing delays
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