Edison Investment Research - Stride Gaming (STR) Stride Gaming - Recommended cash offer from Rank

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Edison Investment Research

Victoria Pease

Stride Gaming - Recommended cash offer from Rank

Rank Group has made a recommended Â£115.3m cash offer for Stride Gaming, which equates to an EV of Â£93.4m. Using the run-rate H119 EBITDA, the deal is valued at c 7.5x EV/EBITDA. The offer of 151p per share is a 29% premium to the previous dayâ€™s closing price. Irrevocable commitments have been received by 61.3% of Strideâ€™s shareholders and completion is anticipated in Q319.

03/06/2019 2 EN

Underlying

Stride Gaming

Stride Gaming is an online gaming operator in online bingo, slot gaming and social gaming mobile applications. Co. operates a multi-branded multi-platform strategy to complement its own proprietary and acquired software. Co. focuses on the U.K. market for online bingo market and with its social gaming market reaches internationally with a focus on the North American market. Co. owns 105 brands of games, including the online bingo brands Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot CafA(c) and Jackpot Liner, King Jackpot, together with the online casino brands Spin and Win, Magical Vegas and Big Top.

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Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Victoria Pease

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For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Stride Gaming. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the Offer Pe...

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Stride Gaming - Recommended cash offer from Rank

Form 8.3 - Chelverton UK Dividend Trust plc: Stride Gaming Plc

Stride Gaming - Suspension of estimates

Henderson Far East Income - Repositioning to raise total returns

Freelancer - AI to drive return to growth

Renewi - Solid trading and better cash generation

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