Enlabs shareholders who hold 11% stake in the company have rejected the proposal from the Ladbrokes and Coral operator Entain.
The Baltics operator has stated that the proposal undervalues the company and its prospects.
Notably, Entain, previously known as GVC Holdings, had made an offer for Enlabs which was valued at SEK 2.8bn ($336.3m). Each share was valued at SEK 40.
Alta Fox Capital Management, which owns 2,332,625 shares representing 3% of the company also expressed its discontent at the offer. However, 42% of the shareholders at Enlabs are in favour of accepting the bid.
As per Gambling Insider, Alta Fox said: “Alta Fox confidently believes we have the support to block a squeeze-out of minority shareholders, legal counsel to ensure their fair treatment under Swedish law, and the determination to obtain a fair price that is reflective of Enlabs’ standalone growth prospects.”