Kindred’s £176 million offer for 32Red becomes ‘unconditional’

Kindred Group’s £176 million outright cash offer for 32Red Plc assets has become ‘unconditional’ following its acceptance by 32Red majority shareholders and having gained approval by the Licensing Authority of Gibraltar.

Updating the market this morning, the governance of 32Red informed corporate stakeholders that both its investors and directorship had accepted Kindred’s £176 million offer put forward on 23 February 2017.

Kindred Group has successfully passed the 50% shareholder acceptance rate needed to progress with its acquisition. The operator further informs that on 23 March the Licensing Authority of Gibraltar granted its deal approval having met all business regulatory conditions.

Having gained an unconditional offer, the governance of 32Red will now 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.

Kindred governance will seek to integrate all 32Red assets (casino, poker and sports betting)  by H1 2017, with its acquisition contributing directly to its full-year forecasts and expected performance.