William Hill Holdings has announced a recommended cash offer for Mr Green & Co of SEK 69 per share, valuing the company at SEK 2,819 million or GBP 242 million.
A William Hill statement said the proposed acquisition brings strong brands with a track record of growth across its geographic portfolio.
The Board of Directors of MRG have recommended shareholders accept the offer while MRG executives, Henrik Bergquist, Hans Fajerson, Fredrik Sidfalk, Martin Trollborg, Karl Trollborg, Tommy Trollborg and Anita Trollborg, who hold in aggregate 40.04 percent of the total number of issued shares and votes in MRG, have committed to acceptance and will tender any of their shares in MRG in the Offer.
MRG has a number of core attributes that will enhance the William Hill business and strategy, a press statement reads, detailing international growth, improvement to revenue mix, the strength of MRG’s primary brands, Mr Green and Redbet, high growth potential and leadership in sustainability.
Ulrik Bengtsson, William Hill’s Chief Digital Officer, will be responsible for leading the integration of MRG within the Group providing a strong background in working with Nordic online gaming businesses through his time at Betsson.
Prior to completion of the Offer, it will be business as usual, however, after completion a strategic review will be undertaken on the capabilities and needs of the new combined operations to determine the optimal management and employee structure for future success of the Group.
Subject to acceptance from MRG’s shareholders and anti-trust approvals, completion is expected to occur in January 2019.
Philip Bowcock, William Hill PLC Chief Executive Officer, said:
“This proposed acquisition accelerates the diversification of William Hill – immediately making us a more digital and more international business. MRG will provide William Hill with an international hub in Malta with market entry expertise and strong growth momentum in a number of European countries. William Hill will move from a single brand to a suite of brands that can maximise growth opportunities moving forward in new and existing markets.”