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MGM COMPLETES THE OFFER TO THE SHAREHOLDERS OF LEOVEGAS AT 96 PERCENT AND EXTENDS THE ACCEPTANCE PERIOD

IMMEDIAPRESSMGM COMPLETES THE OFFER TO THE SHAREHOLDERS OF LEOVEGAS AT 96 PERCENT AND EXTENDS THE ACCEPTANCE PERIOD

(Adnkronos) – This announcement is not an offer, whether directly or indirectly, in Australia, Hong Kong, Japan, New Zealand or South Africa or in any other jurisdiction where such offer pursuant to legislation and regulations in such relevant jurisdiction would be prohibited by applicable law. Shareholders not resident in Sweden who wish to accept the Offer (as defined below) must make inquiries concerning applicable legislation and possible tax consequences. Shareholders should refer to the offer restrictions included in the section titled “Important information” at the end of this announcement and in the Offer Document (as defined below). Shareholders in the United States should also refer to the section titled “Important notice to shareholders in the United States of America” at the end of this announcement. 

LAS VEGAS, Aug. 31, 2022 /PRNewswire/ — On 2 May 2022, MGM Casino Next Lion, LLC, a wholly owned indirect subsidiary of MGM Resorts International (“MGM”), announced a recommended public offer to the shareholders of LeoVegas AB (publ) (“LeoVegas”) to tender all shares in LeoVegas to MGM at a price of SEK 61 in cash per share (the “Offer”). An offer document relating to the Offer was published on 2 June 2022 (the “Offer Document”) and supplemented on 11 August 2022.  

At the end of the acceptance period on 30 August 2022, the Offer had been accepted by shareholders with a total of 63,047,289 shares in LeoVegas, corresponding to approximately 64.56 percent of the outstanding shares in LeoVegas.1 Since the time of announcement of the Offer, MGM has also acquired 30,400,000 LeoVegas shares2 at prices not exceeding the price in the Offer. As a result, MGM controls in total 93,447,289 shares in LeoVegas, corresponding to approximately 95.69 percent of the outstanding shares in LeoVegas.1
 

MGM has decided to complete the Offer. All conditions are satisfied or have been waived. Settlement for shares tendered in the Offer during the initial acceptance period will begin around 7 September 2022. 

To allow for those shareholders who have not yet accepted the Offer to tender their shares to MGM, the acceptance period is extended until 14 September 2022 at 17:00 (CEST). Settlement for shares tendered in the Offer during the extended acceptance period is expected to begin around 22 September 2022. 

Since the Offer is now unconditional, shareholders who have already accepted or will accept the Offer during the extended acceptance period, have no right to withdraw their acceptances. 

MGM intends to initiate compulsory acquisition proceedings in accordance with the Swedish Companies Act to acquire all shares not tendered in the Offer and to promote a delisting of the shares in LeoVegas from Nasdaq Stockholm. 

As set out in the Offer Document, the Offer does not include warrants issued by LeoVegas to employees under LeoVegas outstanding incentive programs. MGM has offered the warrant holders to sell all their warrants to MGM outside of the Offer at a price equal to the see-through value of the warrants on the basis of the price in the Offer. The separate offer to the warrant holders has been accepted by holders of all of the 2,309,550 warrants allotted and transferred to participants in the incentive programmes. 

Further informationFor further information on the Offer, please visit: http://investors.mgmresorts.com/investors/leovegas
 

The information was submitted for publication on 31 August 2022, 6:00 p.m. CEST. 

For enquiries, please contact: 

Andrew Chapman, Director of Investor Relations+1 (702) 693-8711, achapman@mgmresorts.com
 

Brian Ahern, Executive Director of Communicationsmedia@mgmresorts.com
 

Important informationThis press release has been published in Swedish and English. In the event of any discrepancy in content between the two language versions, the Swedish version shall prevail.  

This announcement is not an offer, whether directly or indirectly, in Australia, Hong Kong, Japan, New Zealand or South Africa or in any other jurisdictions where such offer pursuant to legislation and regulations in such relevant jurisdictions would be prohibited by applicable law (the “Restricted Jurisdictions”).  

The release, publication or distribution of this press release in or into jurisdictions other than Sweden may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than Sweden should inform themselves about, and observe any applicable requirements. In particular, the ability of persons who are not resident in Sweden to accept the Offer may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person. 

This announcement has been prepared for the purpose of complying with Swedish law, Nasdaq Stockholm’s Takeover Rules (the “Takeover Rules”) and the Swedish Securities Council’s rulings regarding interpretation and application of the Takeover Rules and the information disclosed may not be the same as that which would have been disclosed if this press release had been prepared in accordance with the laws of jurisdictions other than Sweden.  

Unless otherwise determined by MGM or required by Swedish law, the Takeover Rules and the Swedish Securities Council’s rulings regarding interpretation and application of the Takeover Rules, and permitted by applicable law and regulation, the Offer will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction or any other jurisdiction where to do so would violate the laws in that jurisdiction and no person may accept the Offer by any use, means or instrumentality (including, but not limited to, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or of any facility of a national, state or other securities exchange of any Restricted Jurisdiction or any other jurisdiction where to do so would constitute a violation of the laws of that jurisdiction and the Offer may not be capable of acceptance by any such use, means, instrumentality or facilities. Accordingly, copies of this press release and any formal documentation relating to the Offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction or any other jurisdiction where to do so would constitute a violation of the laws of that jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction or any other jurisdiction where to do so would constitute a violation of the laws of that jurisdiction.  

The availability of the Offer to shareholders of LeoVegas who are not resident in and citizens of Sweden may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Persons who are not resident in or citizens of Sweden should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions.  

The Offer, the information and documents contained in this press release are not being made and have not been approved by an authorized person for the purposes of section 21 of the UK Financial Services and Markets Act 2000 (the “FSMA”). Accordingly, the information and documents contained in this press release are not being distributed to, and must not be passed on to, the general public in the United Kingdom, unless an exemption applies. The communication of the information and documents contained in this press release is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is a communication by or on behalf of a body corporate which relates to a transaction to acquire day to day control of the affairs of a body corporate; or to acquire 50 percent or more of the voting shares in a body corporate, within article 62 of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. 

Statements in this press release relating to future status or circumstances, including statements regarding future performance, growth and other trend projections and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential and other effects of the Offer, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipates”, “intends”, “expects”, “believes”, “estimates”, “plans”, “will be” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Actual results and developments may differ materially from those expressed in, or implied or projected by these forward-looking statements due to many factors, many of which are outside the control of MGM. Forward-looking statements appear in a number of places throughout this announcement and the information incorporated by reference into this announcement and may include statements regarding the intentions, beliefs or current expectations of MGM or LeoVegas concerning, amongst other things: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies, the expansion and growth of MGM’s or LeoVegas’ business operations and potential synergies resulting from the Offer; and (iii) the effects of government regulation and industry changes on the business of MGM or LeoVegas. Any forward-looking statements made herein speak only as of the date on which they are announced. Except as required by the Takeover Rules or applicable law or regulations, MGM expressly disclaims any obligation or undertaking to publicly announce updates or revisions to any forward-looking statements contained in the offer document to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any additional disclosures that MGM or LeoVegas have made or may make. 

Important notice to shareholders in the United States of AmericaThe Offer described in this press release is made for the issued and outstanding shares of LeoVegas, a company incorporated under Swedish law, and is subject to Swedish disclosure and procedural requirements, which may be different from those of the United States. The Offer is made in the United States pursuant to Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended (the “U.S. Exchange Act”) and Regulation 14E thereunder (“Regulation 14E”), to the extent applicable, and otherwise in compliance with the disclosure and procedural requirements of Swedish law, including with respect to withdrawal rights, the Offer timetable, notices of extensions, announcements of results, settlement procedures (including as regards to the time when payment of the consideration is rendered) and waivers of conditions, which may be different from requirements or customary practices in relation to U.S. domestic tender offers. The offeror’s ability to waive the conditions to the Offer (both during and after the end of the acceptance period) and the shareholders’ ability to withdraw their acceptances, may not be the same under a tender offer governed by Swedish law as under a tender offer governed by U.S. law. Holders of the shares of LeoVegas domiciled or resident in the United States (the “U.S. Holders”) are encouraged to consult with their own advisors regarding the Offer.  

LeoVegas’ financial statements and all financial information included herein, or any other documents relating to the Offer, have been or will be prepared in accordance with IFRS and may not be comparable to the financial statements or financial information of companies in the United States or other companies whose financial statements are prepared in accordance with U.S. generally accepted accounting principles. The Offer is made to the U.S. Holders on the same terms and conditions as those made to all other shareholders of LeoVegas to whom the offer is being made. Any information documents, including the offer document, are being disseminated to U.S. Holders on a basis comparable to the method pursuant to which such documents are provided to LeoVegas’ other shareholders.  

The U.S. Holders should consider that the price for the Offer is being paid in SEK and that no adjustment will be made based on any changes in the exchange rate.  

It may be difficult for U.S. Holders to enforce their rights and any claims they may have arising under the U.S. federal or state securities laws in connection with the Offer, since LeoVegas is located in another country other than the United States, and some or all of its officers and directors may be residents of countries other than the United States. U.S. Holders may not be able to sue LeoVegas or MGM or their respective officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel LeoVegas or MGM and/or their respective affiliates to subject themselves to the jurisdiction or judgment of a U.S. court.  

To the extent permissible under applicable law or regulations, MGM and its affiliates or its brokers and its brokers’ affiliates (acting as agents for MGM or its affiliates, as applicable) may from time to time and during the pendency of the Offer, and other than pursuant to the Offer, directly or indirectly purchase or arrange to purchase shares of LeoVegas outside the United States in reliance on applicable exemptions from the requirements of Regulation 14E (or any securities that are convertible into, exchangeable for or exercisable for such shares). These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices, but in any event, at a price per share not more than the Offer Price, and information about such purchases will be disclosed by means of a press release or other means reasonably calculated to inform U.S. Holders of such information. In addition, affiliates to the financial advisors to MGM may also engage in ordinary course trading activities in securities of LeoVegas, which may include purchases or arrangements to purchase such securities as long as such purchases or arrangements are in compliance with applicable law and regulation. Any information about such purchases will be announced in Swedish and in a non-binding English translation available to the U.S. Holders through relevant electronic media if, and to the extent, such announcement is required under applicable Swedish or U.S. law, rules or regulations.  

The receipt of cash pursuant to the Offer by a U.S. Holder may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other, tax laws. Each shareholder is urged to consult an independent professional advisor regarding the tax consequences of accepting the Offer. Neither MGM nor any of its affiliates and their respective directors, officers, employees or agents or any other person acting on their behalf in connection with the Offer shall be responsible for any tax effects or liabilities resulting from acceptance of this Offer.  

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY U.S. STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THE OFFER, PASSED ANY COMMENTS UPON THE MERITS OR FAIRNESS OF THE OFFER, PASSED ANY COMMENT UPON THE ADEQUACY OR COMPLETENESS OF THIS PRESS RELEASE OR PASSED ANY COMMENT ON WHETHER THE CONTENT IN THIS PRESS RELEASE IS CORRECT OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES. 

Goldman Sachs & Co. LLC is not responsible to anyone other than MGM Resorts International for advice in connection with the Offer. 

1 Based on 97,652,970 outstanding shares in LeoVegas, which excludes 4,000,000 treasury shares held by LeoVegas. There is only one class of shares in LeoVegas. Each share carries one vote.2 Corresponding to approximately (i) 29.91 percent of the total number of 101,652,970 shares in LeoVegas and (ii) 31.13 percent of the 97,652,970 outstanding shares in LeoVegas (excluding 4,000,000 treasury shares held by LeoVegas). 

 

© RIPRODUZIONE RISERVATA

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