Management at online betting operator Kindred, the overseer of brands like Unibet, has begun reaching out to different businesses looking for a sale as minority shareholders are pressing the company to sell, according to a report from gaming group iGB.
The reaching out process reportedly began this year when Corvex Management bought a significant chunk in the company and began pushing the board to explore a sale. Since then, Kindred has reportedly reached out to the likes of 888, Tipicio, and others, but thus far there hasn't been any real interest in purchasing Kindred.
The lack of interest could see Corvex pushing for Kindred to change management or make an acquisition of its own. This could be complicated by Corvex's minority stake in the company, as they only hold 10.12% of Kindred and can be easily outvoted.
Thus far Kindred has not issued comment on the matter, but this could change should conditions change.
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Comments
That's very interesting to hear. Kindred has been around for a very long time so I'm surprised to see that they're looking to sell. Curious to see how this will unveil.
I think it's curious that they don't seem to want to sell but are being pushed. Even more interesting is that there's not much interest in buying them. Perhaps the industry is preparing for contraction due to pursestrings tightening as the economy begins to sag?
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