Fortuna majority shareholder seeks to raise its stake in the company

“(Fortuna‘s) boards fully support and recommend the offer for acceptance... and also recommend voting in favor of Fortuna making the delisting application,” Fortuna said. It also claimed that the offer would be announced on Wednesday and would involve delisting the shares in Prague and Warsaw.

Fortbet’s offer would value Fortuna Entertainment Group at USD 447.83 M and subscription is planned for Jan. 23 to Feb. 23, the company stated.

Fortbet, part of Czech-Slovak investment group Penta Investments, already owns 79.8 percent of Fortuna, and this offer would be Fortbet’s second bid to gain full control after a buyout in the first half of 2017 raised its stake from a 68 percent share.

Fortuna said in its statement a delisting would free it from public disclosures that it said left it at a disadvantage to competitors. Being unlisted would make it easier to take advantage of market opportunities and be more aggressive in acquisitions, as well as cost savings, it said.

Fortbet sent Fortuna an indicative offer of USD 8 per share at the beginning of December and agreed to raise the offer, Fortuna said.

The offer price assumes no dividends for 2017 are paid.