LeoVegas reshapes its board of directors amid MGM's acquisition

Online gambling group LeoVegas announced Thursday that the company’s board of directors has been reshaped. The company resolved at a meeting this week that the board is set to consist of three members: current chief executive Gustaf Hagman; MGM Resorts CEO William Hornbuckle; and Gary Fritz, head of gaming at IAC, a major LeoVegas shareholder.

Fritz has also been elected new chairman until the end of the next annual general meeting. Furthermore, it was resolved that no remuneration shall be paid to the board members or chairman. 

The extraordinary general meeting was convened upon request by MGM, which became the major shareholder at more than 90% of the total outstanding shares and votes in LeoVegas after its acquisition.

Gustaf Hagman

Earlier in September, MGM Resorts International announced the acceptance of its public tender offer for the shares of LeoVegas. The proposal was greenlit by 96% of shareholders of the Swedish iGaming business, at a price of SEK 61.00 in cash per share, equivalent to a total tender value of approximately $604 million. 

'The completion of this transaction represents a major milestone for MGM Resorts as we continue to pursue our strategy of growing our online gaming footprint worldwide,' said at the time Hornbuckle.

'Joining forces with MGM Resorts is a major win for LeoVegas and we're excited to begin working with our new teammates to build upon the work we've done over the last 10 years,' noted LeoVegas CEO Gustaf Hagman. 'MGM Resorts is a premier gaming entertainment company and we look forward to leveraging their expertise to further our long-term strategic goals.'