Updating the market, FTSE250 technology group Playtech Plc has confirmed that it will ‘squeeze-out’ the remaining minority 3.5% shareholding in Snaitech SPA, moving to obtain the full operating equity of the Italian betting group.
Following the closure of its £845 million acquisition of Snaitech (deal officially completed in June 2018), Playtech currently holds 96.5 % stake in the Milan-listed enterprise.
Playtech’s minority buyout will be carried out by special vehicle Pluto SPA in accordance with the rules of the Italian Financial Services Act.
The FTSE technology group will put forward a cash consideration equal to 2.19 Euros per share as previously noted in its Mandatory Takeover Offer (MTO), for the remaining equity of Snaitech.
The transaction is expected to suspend trading of Snaitech stock on the Borsa Italiana’s ‘Mercato Telematico Azionario’ from 1 August 2018 and 2 August 2018.
Furthermore, Playtech will move to delist Snaitech as Milan Borsa-listed enterprise on 3 August 2018.