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Enlabs Makes a Mandatory Public Offer to the Shareholders of Global Gaming

George Miller

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Enlabs Makes a Mandatory Public Offer to the Shareholders of Global Gaming
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Enlabs announced on August 26, 2020, that Enlabs had acquired 9,878,086 shares in Global Gaming 555 AB on the same day, for a purchase price corresponding to SEK 11 per share (where 50 percent of the purchase price was paid in cash and 50 percent was paid through newly issued shares in Enlabs), and thus increased Enlabs’ ownership from 29.89 percent to 54.06 percent of all shares and votes in Global Gaming, which meant that Enlabs was required to make a mandatory public offer for the remaining shares in Global Gaming in accordance with the Takeover rules for certain trading platforms (the “Takeover rules”). Since the announcement, Enlabs has acquired additional shares in Global Gaming in the market and Enlabs’ ownership at the time of publication of this press release amounts to 66.70 percent of all shares and votes in Global Gaming.

Considering the above, Enlabs hereby makes a mandatory public offer to the shareholders of Global Gaming to transfer all their shares in Global Gaming to Enlabs (the “Offer”). The consideration of the Offer consists of three alternatives: (a) a cash consideration, (b) a share consideration in the form of shares in Enlabs, or (c) a combination corresponding to 50 percent as cash consideration and 50 percent as share consideration. All consideration alternatives correspond to SEK 11 per Global Gaming share. Enlabs will not increase the offered consideration.

The shares in both Enlabs and Global Gaming are listed on the Nasdaq First North Growth Market (“First North”).

The Offer in brief

At the time of the Offer, Enlabs owns 27,266,114 shares in Global Gaming, corresponding to 66.70 percent of all outstanding shares and votes in Global Gaming.
The Offer values all shares in Global Gaming at approximately SEK 450 million.
Enlabs offers the shareholders in Global Gaming as consideration, for each share in Global Gaming, either:
a cash consideration of SEK 11 (the “Cash Consideration”),
0.36 shares in Enlabs (the “Share Consideration”), or
a combination corresponding to 50 percent as Cash Consideration and 50 percent as Share Consideration.
Enlabs will not increase the offered consideration.

The Offer entails a premium of approximately 15 percent in relation to the closing price on First North for the Global Gaming share on August 26, 2020 (which was the last trading day before Enlabs announced its intention to submit a public bid offer to the shareholders in Global Gaming) and a premium of approximately 1 percent in relation to the closing price on First North for the Global Gaming share on September 21, 2020 (which was the last trading day before the announcement of the Offer). Furthermore, the Offer entails a premium of approximately 4 percent in relation to the volume-weighted average share price for the Global Gaming share during the last thirty (30) trading days, and a premium of approximately 13 percent based on the volume-weighted average share price for the Global Gaming share during the last ninety (90) trading days, up to and including September 21, 2020.
The board of directors of Global Gaming, or an assembled independent bidding committee of Global Gaming, shall publish its opinion on the Offer and the reasons for this opinion no later than two weeks before the expiry of the acceptance period. Furthermore, Global Gaming must obtain and, no later than two weeks before the end of the acceptance period, publish a fairness opinion regarding the Offer from independent expertise. At the time of publication of this press release, neither such statement nor a fairness opinion have been published.
Enlabs’ completion of the Offer is only conditional on the acquisition being approved, if applicable, by the relevant competition authorities.

Enlabs will publish an offer document regarding the Offer, which is expected to take place around October 2, 2020. The acceptance period for the Offer is expected to begin around October 5, 2020 and end around November 2, 2020.

Baltics

Stakelogic Enters Estonian Market with Optibet

Niji Narayan

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Stakelogic Enters Estonian Market with Optibet
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Online slot developer Stakelogic has entered into the Estonian market with its new operator partner Optibet.

Players at Optibet in Estonia can now access Stakelogic’s biggest hits including Book of Cleopatra Super Stake, Book of Adventure Super Stake, Book of Anubis, Dragons and Magic, Black Gold Megaways and many more.

“We are excited to have entered the Baltic market with a prestigious operator partner, Optibet. Our slots have taken the industry by storm over the past 12 months and we believe they will prove to be just as popular in the Baltics. Optibet has already achieved great things and is one of the largest gambling brands in the market. The addition of our slot games means that it will be able to further distance itself from its rivals and deliver the best experience to players,” Salvatore Marino, Sales Director of Stakelogic, said.

“Integrating Stakelogic’s suite of games is a major coup for Optibet as its slots are in high demand among players in the country right now. To be the first to offer them marks us out as a true leader in the market,” Chris Davis, Chief Product Officer at Optibet, said.

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Asia

Caesars and Mohegan Face Delays in Korean IR Projects

Niji Narayan

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Caesars and Mohegan Face Delays in Korean IR Projects
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Caesars Entertainment Corp and Mohegan Gaming & Entertainment are facing significant delays in their Korean integrated resort projects due to the financing concerns caused by the COVID-19 pandemic.

According to South Korean news outlets, Caesars Korea – part of the expansive project called Midan City in Yeongjong Island – and Mohegan’s Inspire are having trouble securing the final capital needed to complete their projects.

The future of Caesars Korea has been in some doubt over the past year following the merger between Caesars Entertainment Corp and Eldorado Resorts, with Eldorado CEO Tom Reeg – now CEO of the merged Caesars entity – stating in June 2019 that the company’s international expansion opportunity would “have to be stupendous for us to be running in that direction.”

The company subsequently stated in August 2019 that it was capping the amount of additional cash it was willing to directly invest into Caesars Korea at US$60 million – having already contributed US$80 million to the US$700 million project – with the remainder to be provided by outside financing. However, the company has spoken little publicly about its Korea project since the US$17.3 billion merger with Eldorado was completed in June of this year.

Mohegan Gaming CEO Mario Kontomerkos stated as recently as July that his company’s Inspire Korea project remained on track for a 2022 launch, adding that Mohegan remained fully committed to its international expansion efforts.

“The pandemic has shown us that diversification into the international arena is important for our ability to stand for those generations, and so the project in South Korea, called Inspire, remains on track for launch in 2022,” he said.

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Latest News

Yggdrasil releases its new title Hades with unique Gigablox ™ mechanic

George Miller

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Yggdrasil releases its new title Hades with unique Gigablox ™ mechanic
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Yggdrasil, the leading worldwide publisher of online gambling content, has unlocked the doors to the underworld in its latest Gigablox™ title, Hades.

Featuring Yggdrasil’s unique mechanic, the 6×6 reel can see a Gigablox™ land on any spin with any symbol transforming into giant blocks that lead to big wins.

Set in the ghoulish underworld realm of the King of the Dead, Hades is packed with devilish delights, including the Wild Hunt feature, which sees the Lord of the Underworld dive into the reels turning symbols into wilds for even more opportunity to claim big prizes.

To trigger the Free Spins mode, players need to find five or more scatter symbols, with the biggest Gigablox™ symbols bringing up to 16 scatters in one go. Every spin triggers the Wild Hunt while Hades will also battle all high symbols. The more battles are won, the more the Cerberus Multiplier will increase, with up to 10x multiplier values available throughout the Bonus Feature.

Hades Gigablox™ is the second title utilising Yggdrasil’s unique new mechanic after player-favourite Lucky Neko, and joins the provider’s recent release Hyperburst among its growing proprietary slot offering. Yggdrasil’s portfolio is also complemented by titles from the burgeoning YG Masters program.

Jonas Strandman, Senior Games Strategist at Yggdrasil, said: “We’re delighted to launch our latest Gigablox™ title, Hades, as we invite players to enter the King of the Underworld’s realm and escape with the riches below.

“Our commitment to innovation has seen us develop a number of new mechanics this year and Gigablox™ turns every spin into one with huge win potential, appealing to all player types. The mechanic has already been a huge hit with players and we are thrilled to launch this second Gigablox™ title with its dark theme, fantastic graphics and engaging features.”

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