The Board of Directors of Kindred unanimously recommends the shareholders of Kindred to accept the public offer from La Française des Jeux SA of SEK 130 in cash per share.

La Française des Jeux SA has today announced a recommended public cash offer to the holders of Swedish Depository Receipts in Kindred to tender all their SDRs in the Company at a price of SEK 130 in cash per SDR.

The total value of the Offer corresponds to approximately SEK 27,951 million, representing a multiple of 10.9x Kindred’s 2023 underlying EBITDA. For the sake of simplicity and because each SDR represents a share in Kindred, the SDRs will also be referred to as “shares” and the holders as “shareholders”.

FDJ has reserved the right to waive the conditions for completion of the Offer. The Offer is not conditional upon financing.

Kindred intends, through a separate press release to be issued later today, to convene an extraordinary general meeting in order to amend Kindred’s articles of association. Following the successful amendment of Kindred’s articles of association, Kindred means to amend the terms and conditions of the SDRs in a way which allows FDJ, having become the owner of not less than 90 per cent of the total number of outstanding SDRs in Kindred, to require all other holders of SDRs to transfer all of their SDRs in Kindred to FDJ for the same price as in the offer.

The Board has, at the written request of FDJ, permitted FDJ to carry out a due diligence review of Kindred in connection with the preparation of the Offer. In connection with such review, FDJ has received certain preliminary financial information regarding Kindred’s fourth quarter 2023. Kindred will today announce this information through a separate press release. Except as set out above, FDJ has not received any inside information in connection with such review.