MGM Casino Next Lion, LLC made an offer to LeoVegas AB (publ) (OM:LEO) from LOYS AG, Gilston Invest Ab and others for SEK 6 billion on May 1, 2022. MGM Resorts International will pay SEK 61 per share. The acquisition will be financed with existing cash. The offer is subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of LeoVegas' shares and customary closing conditions. As on August 22, 2022, necessary regulatory, governmental or similar clearances, approvals and decisions is fulfilled all other conditions specified in the Offer Document, including conditions for completion of the Offer, still apply. The transaction is unanimously recommended by board of LeoVegas. It is expected to be completed during the second half of fiscal year 2022. The acceptance period of the offer is expected to commence on or around June 2022 and expire on or around August 2022. As of June 2, 2022, The acceptance period for the Offer commences on June 3, 2022 and expires on August 30, 2022. The acquisition is expected to be accretive to MGM Resorts' earnings and cash flow per share. MGM Resorts has retained Goldman Sachs & Co. LLC. as financial advisor, Advokatfirman Vinge KB and Michael J. Aiello and Murray Cox of Weil, Gotshal & Manges LLP as legal counsel and Fox Rothschild as gaming counsel in connection with the offer. SEB Corporate Finance acted as financial advisor and Cederquist acted as legal advisor for LeoVegas. BDO Corporate Finance provided fairness opinion to the board of LeoVegas. Carl Westerbergáof Gernandt & Danielsson advised LeoVegas on the transaction.
MGM Casino Next Lion, LLC completed the acquisition of LeoVegas AB (publ) (OM : LEO) from LOYS AG and Gilston Invest AB on August 31, 2022. MGM intends to initiate compulsory acquisition proceedings in accordance with the Swedish Companies Act to acquire all shares not tendered in the offer and to promote a delisting of the shares in LeoVegas from Nasdaq Stockholm.