EveryMatrix makes SEK209.8m public offer for Fantasma Games
Supplier follows up move for FSB with bid for Swedish firm that has already received approval from more than 50% of Fantasma Games shareholders
EveryMatrix has made a public offer to acquire 100% of the shares in Fantasma Games for a total consideration of SEK209.8m (£15.6m) as the supplier continues to action its M&A plan.
The offer values Fantasma Games at SEK59 per share. The Sweden-listed supplier’s shares closed out at SEK48.6 yesterday, 17 September.
The SEK59.0 per share offer represents a 40% premium on yesterday’s close, and a 69% premium on the volume-weighted average price over the last 30 days.
As a result of the offer, Fantasma Games’ shares have skyrocketed on the Nasdaq First North Growth Market Sweden some 18.3% this morning to SEK57.50, but still below EveryMatrix’s bid value.
The public offer’s acceptance period will commence tomorrow, 19 September, and run until 10 October.
EveryMatrix said more than 50% of Fantasma Games shareholders have already signed binding agreements to sell their shares.
These include Fredrik Johansson, founder and CEO of Fantasma Games who holds 14.2%, and Karl Lindstedt who owns 8.7% of the supplier’s stock.
Christina Andersson, who holds 5.8% of Fantasma Games shares, has also backed the deal.
Fantasma Games’ independent bid committee, which includes board members Antonia Svensson, Johan Styren and Johan Köningslehner, has recommended shareholders accept the offer.
The bid committee laid out a six-point evaluation as to why shareholders should back the bid, ranging from the offer’s premium, long-term value considerations and current market sentiment.
However, the bid is conditional on at least 90% of Fantasma Games shareholders accepting the bid from EveryMatrix.
EveryMatrix has already carried out a “limited confirmatory due diligence review” of Fantasma Games.
From that review, Fantasma Games has confirmed its net sales are expected to grow by around 33% this year compared to 2023.
According to EveryMatrix, Fantasma Games recorded EBITDA of €395,000 in Q2 2024, with a corresponding profit margin of 36%.
Additionally, EveryMatrix has stated it does not intend to implement any “material changes to Fantasma’s employees and management team or to the existing organisation and operations”.
Those include changes to the terms of employment and the locations where Fantasma conducts its business.
Fantasma Games was founded in 2016, with its games now available with more than 250 operators across the globe, including DraftKings, Paddy Power and Betsson.
EveryMatrix’s offer for Fantasma Games comes after it announced its “most ambitious acquisitions to date” after moving for FSB in July.