Over 91% of Lotto24 shareholders have agreed to a takeover of Long-based lottery brokerage Zeal Network that is to be completed with a regular acceptance period. Following the ultimate conclusion of the deadline at the beginning of the April, the rest of the shareholders have been given another two week acceptance Period. Currently the deal sees an all-share offer that offers one Zeal share of 1.604 Lotto34 shares.
Initial plans for the acquisition, which will see Zeal take control of the subsidiary that was spun off in 2012, were announced last year in December. Zeal shareholders had voted in favour of preconditions for the transaction at the beginning of 2019 before the offer was later published at the end of the month.
In February, the Lower Saxony Ministry of the Interior in Germany had granted Lotto24 a supplement to their existing permit that would allow for their lottery tickets to be brokered through the Tipp24 domains. Despite this, the acquisition has been criticized by certain organisations, such as Zeal shareholder Lottoland, who have claimed that the acquisition will only benefit a few shareholders, while most investors will be at a loss.
Zeal has confirmed to media that they believe the combination will increase efficiencies between both companies, and will result in cost synergies at Zeal die to the change to its business model. Helmut Becker, chief executive of Zeal, told reporters that they are pleased that the vast majority of shareholders have accepted the offer.
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