Shares in gambling software developer Playtech (LON:PTEC) edged up on Friday, after the Italian financial market regulator approved their takeover of Snaitech.
Consob gave the go ahead to the mandatory takeover offer for the remaining shares of Snaitech not owned by the group, in the wake of its €846 million takeover bid.
Playtech acquired 70.6 percent of Snaitech in April, before buying another 10.3% of shares. They’ve now got the green light to buy the rest of the shares and take control of the whole company.
The acceptance period will start on Tuesday morning and end on 23rd July and the consideration, equal to Euro €2.19 per share, will be paid to the tendering shareholders on 30 July. If certain conditions were met, the acceptance period would be reopened for a further five trading days starting from 31 July.
Playtech’s takeover will consolidate the group’s presence in Italy, one of Europe’s largest and growing gaming markets.
Shares in Playtech are currently up 0.74 percent at 763.00 (0849GMT).
