Kindred upbeat over UKGC decision on 32Red offer
Kindred Group has moved to update the industry on its unconditional offer for 32Red, saying that it expects the UK Gambling Commission (UKGC) to complete its review of the proposed deal “in the near future”.
In February, Kindred, which operates Unibet, said it had reached an agreement to acquire 32Red for £175.6 million (€206.9 million/$227.2 million).
Last month, Kindred said that the cash offer had been updated to ‘unconditional’ after the bid was accepted by 32Red majority shareholders and also granted approval by the Licensing Authority of Gibraltar.
Kindred also requires the approval of the UKGC in order to finalise the deal and the regulatory body is still reviewing the proposed acquisition.
However, Kindred said it expects the UKGC to make a decision soon, adding that it expects the ruling to be positive.
“The UKGC's review is progressing and Kindred currently anticipates that the UKGC will make a determination in the near future,” Kindred said.
“Kindred anticipates that the offer will be declared wholly unconditional upon the UKGC making a positive determination."