Ladbrokes owner Entain set for Enlabs takeover as Swedish firm’s shareholders accept revised offer

Ladbrokes owner Entain is set to takeover Swedish online bookmaker Enlabs after upping its cash offer price from 40 to 53 Swedish kronor (450p) per share.

The deal is set to see the FTSE betting giant buy its Baltic-facing rival for around £316 million after around 94% of Enlabs shareholders accepted the majorly increased bid.

The firm has already won the necessary competition and gaming authorities approval for the takeover, but had struggled to convince enough Enlabs investors to accept the deal. The Swedish firm had set an acceptance target of 90%.

Entain, which is also behind betting brands Coral and Sportingbet, said on Monday that it had "completed the recommended public cash offer to the shareholders of Enlabs" and that it would extend the acceptance period.

Payment for the Enlabs shares is expected to occur on or around March 30, with settlement “expected to occur on or around 13 April”.

Entain, previously known as GVC Holdings, recently revealed its 2020 online revenues were up 28% on 2019 to £2.7 billion - taking it to more than 20 consecutive quarters of double-digit online growth.