Fantasma’s Independent Bid Committee, comprising independent members of its board, has recommended that shareholders back the EveryMatrix takeover bid. The recommended public offer values Fantasma at SEK209.8m (£15.6m/€18.5m/$20.6m).
Shareholders will have from tomorrow (Thursday) until October 10 to accept the offer of SEK59 in cash per share.
EveryMatrix’s offer is 40% above Fantasma’s closing share price of SEK48.60 yesterday on the Nasdaq First North Growth Market Sweden. It is also a 69% premium on the average price over the 30 days up to and including yesterday.
Following today’s announcement, the company’s share price rocketed by over 18% to SEK57.50.
Fantasma reported EBITDA of €395,000 for Q2, representing a profit margin of 36%.
It is forecasted to increase its net sales by 33% this year, compared to 2023. This is slightly above its previously announced 30% growth target. However a full-year expected EBITDA margin of 47% is slightly below the 50% target previously communicated.
More than half of Fantasma’s shareholding agrees to the deal
The takeover is conditional on at least 90% of shareholders approving the deal. Eight Fantasma shareholders who collectively hold 50.79% of the company have already agreed to sell their shares, including Fantasma CEO Fredrik Johansson, who has 14.16% of the shareholding, and several board members.
However, these agreements can be terminated if another entity tables a bid that is at least 20% above EveryMatrix’s offer. In such a scenario, EveryMatrix would have 10 days to at least match the new offer.
Deal would strengthen EveryMatrix’s content output
The acquisition would significantly strengthen EveryMatrix’s games output, according to the B2B igaming software provider. Fantasma’s titles are currently integrated with over 250 operators across 50 countries.
EveryMatrix offers more than 29,000 games via its SlotMatrix aggregation platform in addition to its in-house Armadillo Studios development unit.
“Fantasma Games is a highly respected games developer with a strong management team and well-established games production and distribution,” EveryMatrix said.
EveryMatrix eyes further expansion
In July, EveryMatrix revealed record quarterly revenue of €42.4m in Q2 following year-on-year growth across all products. EBITDA also reached an all-time high of€25.1m, up 67.3% on the previous year and 12.6% higher than Q1’s existing record.
The Q2 results were reported just days after EveryMatrix announced the acquisition of sportsbook and platform specialist FSB Technology. The deal was described as the “most ambitious acquisition to date, by value, size and complexity” by EveryMatrix CEO Ebbe Groes.
Original article: https://igamingbusiness.com/strategy/everymatrix-fantasma-takeover/
