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Snaitech delists from stock exchange following acquisition by Playtech
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Snaitech, the Italian gambling company acquired by Playtech in April, is delisting from the Italian stock exchange. Playtech is an UK-listed online gambling company and it completed the acquisition formalities by June.
Playtech now holds 96.5 per cent of Snaitech’s shares and is initiating the transfer of the remaining minority shares, which will see shareholders receive cash consideration equal to 2.19 euros per share. Playtech shelled out $1.05 billion for a 70.6 per cent stake in the Italian company in April, and its mandatory takeover offer was approved by the Italian regulator in June.
Snaitech’s shares are expected to be suspended from trading on Mercato Telematico Azionario on Wednesday and Thursday, and to be delisted on Friday, Playtech said.
Source: European Gaming Industry News