Kindred Group to delist from Nasdaq Stockholm on 11 November
Unibet parent company notes last day of trading in Swedish Depository Receipts following €2.5bn merger with La Française des Jeux
Kindred Group’s request to be delisted from the Nasdaq Stockholm exchange has been accepted, with its last day of trading falling on 11 November 2024, as La Française des Jeux’s (FDJ) acquisition of the operator completed this month.
Kindred made the delisting request on 24 October after FDJ had increased its holding in the business to 98.6%, and began a squeeze-out procedure for the remaining Swedish Depository Receipts (SDRs) it did not hold.
The delisting will bring an end to Kindred’s presence on the Nasdaq Stockholm after more than 20 years of its shares being traded.
The business first went public in June 2004 under its previous guise, Unibet, before its rebrand to Kindred Group saw it list under the ticker KIND in December 2016.
The delisting is part of the acquisition process by FDJ, which passed the 90% SDR benchmark needed to snap up Kindred at the start of October.
Upon the completion of the deal, FDJ said 195,659,291 of Kindred SDRs, or 90.66% of Kindred’s capital, were tendered at SEK130 (£9.61) per share.
The French giant then extended the acceptance period for SDR holders up until and including 18 October 2024, on the same terms as the initial offer.
That saw the state-owned firm take its total holding in the group to 98.6%, inclusive of 1.11% of share capital it had acquired from Veralda earlier this year.
By the end of the extended period, FDJ held 212,794,208 SDRs and began the process of squeezing out the remaining SDRs in Kindred not held by the group.
Last week, Kindred noted a 3.7% year-on-year uptick in Q3 revenue to £294.5m, in what will be the final quarterly earnings report for the business as an independent company.