Renowned online casino operator Kindred Group plc announced today that it has accepted a takeover bid from French gaming giant La Française des Jeux SA (FDJ).

The news comes in the wake of recent rumors in the media regarding a possible initial public offering as a component of Kindred's strategic assessment, which the board of directors of the firm started in April 2023.

As part of the strategic review process, a number of options to increase shareholder value have been investigated, including the potential for a merger or sale.

Kindred has officially confirmed that FDJ has made a proposal to purchase all of the company's outstanding shares.

It is anticipated that FDJ will make their official public offer public prior to Monday's market opening.

For FDJ, which is looking to increase the size of its holdings in the online gaming industry, this development is a big step forward.

Kindred's possible acquisition would combine two well-known competitors in the European market, signaling a significant industry consolidation.

Kindred's offer confirmation complies with the EU Market Abuse Regulation, which mandates that this kind of information be disclosed.

To ensure transparency for its investors and the market, the company has made this information available to the public.

It is unclear how this offer will turn out and whether Kindred's shareholders will accept it, as the company's board and advisors are still determining the best way to optimize shareholder value.

Since 2022, the board of Kindred has been under pressure from New York-based hedge fund Corvex Management to appoint a financial advisor who will consider strategic options, such as the possible value that could be obtained through a sale or a merger.

Through nine brands, Kindred provides online gaming services to over 30 million customers in Europe, North America, and Australia.