Fortbet launches tender offer for Fortuna shares. Plans delisting

Fortbet Holdings, the majority shareholder in WSE-listed betting group Fortuna Entertainment Group has launched a tender for 0.68 percent of the company’s shares listed on WSE at PLN 29.8 apiece. It also plans to launch a voluntary tender offer for 19.82 percent stake from Czech investors at CZK182.5 per share. If successful, Fortbet will delist Fortuna from Warsaw and Prague bourses. Fortbet, part of the Czech-Slovak investment group Penta Investments, already owns 80.18 percent stake in Fortuna. “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 in the statement. The shareholders will decide mid-February whether to delist the company. Fortuna said a delisting would free it from public disclosures that it said left it at a disadvantage to competitors. Subscriptions will run from January 23 to February 23.