Fortbet Holdings to launch takeover bid for Fortuna

Fortbet Holdings, the majority shareholder in Fortuna Entertainment Group, is to launch a takeover offer for the company.

According to a statement issued by Fortuna to the Reuters news agency, Fortbet is planning to offer CZK182.50 (€7.14/$8.58) for Fortuna, thus valuing the firm at $447.8m.

Fortbet, part of the Czech-Slovak investment group Penta Investments, already owns 79.8% of Fortuna after last year increasing its steak from 68%.

Based and active in the Czech Republic, Fortuna also operates in Croatia, Poland, Slovakia and Romania.

“(Fortuna‘s) boards fully support and recommend the offer for acceptance… and also recommend voting in favour of Fortuna making the delisting application,” Fortuna said in the statement.

Fortuna, which will officially announce the offer later today (Wednesday), said Fortbet put forward an indicative offer of CZK170 per share early in December and agreed to raise this bid.

Today’s offer would also involve delisting Fortuna shares in the Czech capital of Prague, as well as in Warsaw, Poland.

Fortuna said a delisting would free it from public disclosures that it said left it at a disadvantage to competitors.

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