MGM Resorts International (MGM.N) made an offer on Monday to buy LeoVegas AB (LEOV.ST), a Swedish online gaming company, for $607 million, opening the door for the American casino operator to extend its footprint in Europe.
MGM issued a recommended public tender offer for 61 crowns ($6.20) per share in cash, representing a 44.2 percent premium over LeoVegas’ most recent closing price of 42.32 crowns.
As the coronavirus pandemic fueled demand for online gaming, MGM has been attempting to capitalize on the sports-betting arena through its joint venture BetMGM, which forecasted more than $1.3 billion in revenue for 2022 earlier this year.
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