Majority shareholder moves to take over Eastern European online gambling operator

Fortbet, the majority shareholder in Eastern European online and retail gambling group Fortuna Entertainment with a 79.8 stake in the company, is planning to acquire the remaining shares to ensure a takeover, and then delist the gambling group, according to a Reuters report Wednesday.

A subsidiary of Czech investment giant Penta Investments, Fortbet has revealed that it will offer the Czech equivalent of US$ 8.60 in cash per share, valuing Fortuna at around US$ 447.8 million.

The Fortuna board of directors has recommended the offer to shareholders after negotiating the consideration up from an original offer of CZK 170 a share to CZK 182.50 a share. The offer currently represents a premium of 54 percent on the share price.

Explaining its motivation for delisting Fortuna from the Prague and Warsaw stock exchanges, Fortbet said that this would obviate mandatory public disclosures which often left Fortuna at a disadvantage to its rivals..

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