Kindred Accelerating Sales Plans After Executive Departure – Finwire

FINLAND (May 25, 2023) — Betting company Kindred has accelerated its plans for a potential sale after several executive departures in recent weeks, sources told Bloomberg News.

The company is said to have contacted potential bidders to submit their first bids at the end of May. Among the companies contacted are rival MGM Resorts, as well as Evolution, Entain and Flutter. The sources add that some of the companies have indicated that they are unlikely to proceed with a bid.

Spokespersons for all of the mentioned companies have declined to comment.

Kindred announced a strategic review of operations at the end of April to maximize shareholder value. A month later, CEO Henrik Tjärnström chose to quit immediately and CFO John Wilsby had announced his resignation just two days earlier. Soon after, the commercial manager and the marketing manager also dropped out.

The Kindred share is up just over 20 percent this year.

By: Reno Santic (newsroom@finwire.se)

SOURCE: Finwire AB.