The firms said under the terms of the offer, each NetPlay shareholder will receive 9p in cash for each ordinary share held, which values the entire issued and to be issued share capital of NetPlay at £26.4m on a fully diluted basis.
They said the offer provides an “attractive opportunity” for NetPlay shareholders to realize their shareholding at a premium in cash.
The value of the offer reportedly represents a premium of approximately 12.50% to the closing price of 8p per share on 1 February, and 18.84% to the market capitalisation of the company on the same date.
It also represented a premium of 11.37% to the volume-weighted average price of 8.08p per share over the three month period to 1 February.
The NetPlay directors said they consider the terms of the offer to be fair and reasonable, and as such intend to unanimously recommend that NetPlay shareholders vote in favour of the scheme”
In addition, Betsson said it has received an irrevocable undertaking from Directforce Trading to vote in favour of the scheme at the court meeting.
Directforce currently holds 27.83% of the issued share capital of NetPlay.
Betsson said it has also received a letter of intent from Henderson Global Investors to vote in favour of the scheme, with Henderson controlling 9.46% of NetPlay.
NetPlay operates three brands, each with strong offerings, and we believe that applying Betsson's experience of operating successful casino brands will add to NetPlay's earnings and growth, said Betsson president and CEO Ulrik Bengtsson”
“We have a long-term view on NetPlay and will achieve significant cost synergies and operational improvements over time.
“Part of Betsson's acquisition strategy is to add volume to its scalable Techsson platform and to increase the share of regulated revenue.”
NetPlay CEO Bjarke Larsen said his company has developed into the UK's largest interactive TV gaming company, and its “complementary fit” with Betsson will ensure it is best placed to capitalise on future growth opportunities.
“A combination with Betsson would allow NetPlay to best utilise the enlarged group's assets to enhance the gaming experience for its customers,” Larsen explained.
“With the changing market dynamics and as the market continues to consolidate, we believe now is the right time to take advantage of this opportunity to realise value for all of our shareholders.”