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FDJ Proposes Over £2 Billion Acquisition Bid For Kindred Group

FDJ Proposes Over £2 Billion Acquisition Bid For Kindred Group
FDJ Proposes Over £2 Billion Acquisition Bid For Kindred Group

In a significant development, the Board of Directors at Kindred Group plc has unanimously recommended that shareholders accept a public offer from La Française des Jeux SA (FDJ) to acquire the company's outstanding share capital at SEK 130 in cash per share.

This announcement follows FDJ's formal recommendation for a cash offer to holders of Swedish Depository Receipts (SDRs) in Kindred.

The Offer Price of SEK 130 per SDR represents a substantial premium, providing shareholders with an attractive proposition:

  • Approximately 24.4% premium to Kindred's closing share price on Nasdaq Stockholm on January 19, 2024.

  • Approximately 34.9% premium to the volume-weighted average trading price of Kindred's shares over the last 30 trading days.

  • Approximately 36.3% premium to the volume-weighted average trading price over the last 90 trading days.

  • Approximately 40.1% premium to Kindred's closing share price on November 28, 2023, the day prior to the release of Q3 2023 results.

The Offer, valued at around SEK 27,951 million, represents a multiple of 10.9x Kindred's 2023 underlying EBITDA. The acceptance period for the Offer is set to commence on or around February 20, 2024, and expire on or around November 19, 2024.

The completion of the Offer is subject to various conditions, including FDJ becoming the owner of more than 90% of Kindred's total shares, regulatory approvals, and no adverse effects on Kindred's financial position. FDJ has reserved the right to waive these conditions, and the Offer is not contingent upon financing.

Kindred intends to convene an extraordinary general meeting to amend its articles of association. Following this amendment, the terms and conditions of the SDRs will be adjusted to allow FDJ, upon ownership of over 90%, to require other holders to transfer their SDRs at the Offer Price.

FDJ has secured irrevocable undertakings from major shareholders, including Corvex Management LP, Premier Investissement SAS, Eminence Capital, Veralda Investment, and Nordea, representing approximately 27.9% of Kindred's outstanding shares.

The Board's recommendation aligns with Kindred's strategic review initiated in April 2023, exploring options to maximize shareholder value. The Offer is viewed as recognizing Kindred's long-term growth prospects, and the Board believes it provides an opportunity for shareholders to realize value in cash.

Note: This article is based on the official statement from Kindred Group



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