© Reuters. FILE PHOTO: Logo of the French lottery group Francaise des Jeux in Bordeaux, France, November 6, 2019. REUTERS/Regis Duvignau/File Photo
(Reuters) – Online gaming company Kindred Group confirmed on Sunday that it received a cash takeover offer from French group La Francaise des Jeux.
The offering will be announced on Monday before the market opens, Kindred said in a statement, noting that FDJ would acquire all of its outstanding share capital.
The Wall Street Journal first reported on the offering, saying it could be valued at around $2.5 billion.
FDJ did not immediately respond to a request for comment.
In November, FDJ completed the acquisition of Premier Lotteries Ireland, the national lottery operator, for an enterprise value of €350 million ($381.40 million).
New York-based hedge fund Corvex Management has been lobbying Kindred's board since 2022 to hire a financial advisor to analyze strategic alternatives, including the potential value that could be achieved through a sale or combination of business.
Kindred offers online gambling services in Europe, North America and Australia to more than 30 million customers across nine brands.
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