Bridgepoint bids $1bn for Cherry AB
Swedish gaming company Cherry AB receives $1 billion takeover offer from Bridgepoint
Cherry AB, one of the biggest iGaming companies in Sweden, has received a takeover offer of 9.19 billion Swedish crowns (equal to $1 billion) from a consortium led by British private equity firm Bridgepoint.
The Independent Bid Committee of Cherry AB said in a separate statement, also released today, that it “recommends the shareholders to accept the public offer of SEK 87 in cash per share.” With Cherry Chairman Morten Klein as part of the bidding consortium, the Independent Bid Committee was required to advise shareholders on the offer.
The Committee’s statement continued, “In its evaluation of the Offer, the Independent Bid Committee has taken a number of factors into account which they deem relevant, including, but not limited to, the Company’s present strategic and financial position, prevailing market conditions and the Company’s expected future development as well as opportunities and risks related thereto.”
Members of the consortium led by Bridgepoint provided equity sourced to finance the bid, as well as debt financing from Ares Management Limited. Cherry is an innovative and fast-growing gaming company with operations in gaming, media and entertainment.
The company was founded in 1963 and currently operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino. The Group’s objective has been to grow organically in combination with strategic acquisitions of fast-growing companies.
As of 30 September, Cherry employed some 865 people and had about 9,325 shareholders. Shares for Cherry, listed on the Nasdaq Stockholm, saw an 18.3 percent jump to 85.8 crowns, close to their record high from the end of November this year.
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