(MGM Resorts) MGM Resorts has offered to buy all of the outstanding shares of LeoVegas AB for $607 million as it eyes European expansion.
At the offer price, the deal values LeoVegas at SEK 61.00 or $6.20 per share, representing around a 44.2% premium to the stock’s last closing price of SEK 42.32.
MGM CEO Bill Hornbuckle says the acquisition of Europe’s LeoVegas will enable the company to expand globally. The CEO says he believes the offer will create a compelling opportunity for its gaming growth.
The offer comes when MGM is looking to take advantage of sports betting through its joint venture BetMGM.
MGM’s offer acceptance is expected to start around June 2022 and will expire in August.
MGM: NYSE is down -2.54%, LEO: STO is up +41.19%
