32Red bosses cash in as rival makes £176m bid

The owner of online betting firm Unibet has placed a £176 million wager on rival 32Red, in the latest takeover for the deal-hungry gambling industry.

The 196p-a-share cash offer from Sweden’s Kindred, which was recommended by the AIM-listed firm, triggers a huge payday for 32Red’s directors.

Chief executive Ed Ware, the former Ladbrokes executive, has a 23% stake now worth £38 million and chairman David Fish, a criminal defence lawyer, is set to pocket £18 million.

Ware said: “The management team at Kindred have a similar business philosophy to our own.”

The online casino operator, which sponsors Leeds United and Rangers football clubs, said investors holding 71% of the shares had already backed the deal.

32Red, which was formed in 2002, has long been tipped as a takeover target by City analysts. Kindred also owns the Stan James gambling site.

32Red shares jumped 28p, or 16%, to 200p — above the offer price as investors will separately receive a 4p dividend.