PMU pledges a further €8m in financial support for retailers

first_img Subscribe to the iGaming newsletter It will cover a month’s rent for the 1,500 retailers in greatest need, and 50% of a monthly rent payment for an additional 2,000. Each venue will be eligible for a grant of up to €2,500 from the operator. Following discussions with retailers, PMU will increase the financial support offered to its network to €23m, with the additional €8m to be distributed to the 3,500 retailers closed during November’s second lockdown.  This, it added, meant that should the lockdown be extended, could prevent funding for trainers and racetracks being increased in 2021. The sum is to be distributed to cafes and bars that sell PMU products and were forced to shut twice as a result of the pandemic.  French horse racing giant Pari-Mutuel Urbain (PMU) has pledged a further €8m (£7.2m/$9.7m) in funding for its retail partners affected by novel coronavirus (Covid-19). AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter This prompted PMU to make €15m available to its retail network when the first lockdown was eased from May, to help venues quickly resume activity. It doubled commission paid out for customer stakes for a month, and offered retailers assistance with implementing government-mandated public safety measures.  Regions: Western Europe France PMU pledges a further €8m in financial support for retailers Topics: Sports betting Horse racing Retail sports betting Email Address 14th December 2020 | By Robin Harrison Horse racing These venues, the operator said, faced major cash flow problems as a result of France’s two lockdowns, which threaten their survival.  In November France Galop, the governing body for flat and steeplechase racing in the country, revealed that the industry was losing €15m per month under lockdown. Tags: Covid-19 Pari-Mutuel Urbain “This new network support plan is an act of solidarity towards our most affected café-bar partners, some of whom have not had any income since the end of October,” PMU managing director Cyril Linette said. “These traders, who are now facing a completely unprecedented economic situation, are part of the PMU team; they are the architects of conviviality and the social bond created by horse racing throughout France,” Linette said. “As such, it is therefore important for us to be by their side and to invest to support their recovery.”last_img read more

Entain set to acquire Enlabs in April as 94.2% of shareholders back deal

first_img Entain, through its wholly-owned subsidiary Bwin, has completed its public cash offer to shareholders of Enlabs at a price of SEK53 (£4.48/€5.21/$6.21) per share. 22nd March 2021 | By Conor Mulheir This separate offer has been accepted by holders of 1.35m out of a total 1.4m warrants allotted and transferred to participants in the incentive programme. Topics: Strategy M&A Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Full details of the offer were published later that month, with Entain explaining that the deal would help Enlabs expand into newer markets such as Ukraine and Belarus. The offer was subsequently increased in March, with Entain increasing the price from SEK40 to SEK53 per share, after which the majority of shareholders in Enlabs backed the offer Regions: Sweden The offer does not include warrants issued by Enlabs and acquired by employees under the company’s incentive programme. The operator now intends to initiate compulsory acquisition proceedings relating to Enlabs shares not tendered in the offer, and to request that the Enlabs board applies for a delisting of the shares from Nasdaq First North Growth Market. Entain’s offer to acquire Enlabs was first put forward in January, with the operator offering to pay SEK40 per share for the business. All conditions for the completion of the offer have been satisfied, Entain said, and the operator has therefore declared the offer unconditional. M&A Entain set to acquire Enlabs in April as 94.2% of shareholders back deal Tags: Enlabs Entain Entain has decided to extend the acceptance period until 1 April, 2021, to give remaining Enlabs shareholders more time to accept the deal. The revised offer has been accepted by shareholders holding a total of 65.9m shares, approximately 94.2% of the total number of shares and votes in Enlabs. In a separate offer, Entain has proposed acquiring all interests owned by the warrant holders at a price equal to the see-through value of the warrants on the basis of the offer price. Payment for the Enlabs shares tendered by 18 March is expected to occur on or around 30 March, 2021. This means the acquisition is expected to close around 13 April. Entain has said it will not extend the acceptance period further. Email Addresslast_img read more