{"id":226041,"date":"2022-08-11T14:43:09","date_gmt":"2022-08-11T19:43:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=226041"},"modified":"2022-08-11T20:15:04","modified_gmt":"2022-08-12T01:15:04","slug":"corvex-management-ups-stake-in-kindred-to-15","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/","title":{"rendered":"Meister\u2019s Corvex Lifts Kindred Stake to 15%"},"content":{"rendered":"

Keith Meister\u2019s Corvex Management has boosted its investment in Kindred Group. It could be the latest indication the hedge fund wants the Swedish gaming company to put itself up for sale, and do so soon.<\/p>\n

\"Corvex
Corvex Management founder Keith Meister speaks at an investment conference in New York. He boosted his stake in Sweden’s Kindred to 15%. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

Meister\u2019s investment firm now owns<\/a> 15% of Kindred\u2019s shares outstanding, meaning that since the start of 2022, the hedge fund\u2019s stake in the gaming company has tripled. Under the terms of the European Union\u2019s Transparency Directive, Kindred is obligated to notify shareholders when an investor\u2019s stake falls or rises in increments of 5%.<\/p>\n

The notification obligation applies when the person acquires or disposes of voting rights in Kindred Group and thereby reaches, exceeds or falls below the thresholds of 5 %, 10 %, 15 %, 20 %, 25 %, 30 %, 50 %, 75 % and 90 % of the voting rights,\u201d<\/strong> according to the company.<\/p><\/blockquote>\n

It was revealed in late May that Corve\u2019s Kindred position jumped to 10.12% from 5% in February.<\/p>\n

Corvex Wants Kindred to Sell<\/h2>\n

It\u2019s no secret that Meister wants Kindred to position itself for sale<\/a>. In May, his hedge fund issued a statement overtly saying the company should do exactly that.<\/p>\n

“Given recent developments, we believe the Kindred Board should immediately retain a leading, global financial advisor to evaluate strategic alternatives, including the potential value that could be achieved through a sale or business combination,\u201d according to Corvex.<\/p>\n

\n

At that time, Kindred said it was confident in its long-term outlook and ability to create value for investors. It added that it\u2019s open to \u201cconstructive dialogue\u201d with shareholders. In today\u2019s regulatory filing revealing Corvex\u2019s boosted position in the company, Kindred did not comment on the possibility of a sale, nor did it remark on talks — if any — with Corvex.<\/p>\n<\/div>\n

Kindred, which trades in Stockholm under the ticker \u201cKIND,\u201d is the owner of the 32Red, Bingo.com, Otto Casino, and Unibet brands. Kindred has some exposure to the US<\/a>, the fastest-growing sports wagering market in the world. The operator says it\u2019s the fourth-largest online gaming operator in the world as measured by gross winnings revenue.<\/p>\n

Potential Buyers not Identified\u2026Yet<\/h2>\n

In its May statement auguring for Kindred to explore a sale, Corvex doesn\u2019t specifically potential suitors. Nor does the hedge fund say if it\u2019s held a talk with parties that may be interested in acquiring the Swedish company.<\/p>\n

However, the gaming industry consolidation rumor mill<\/a> is heating up anew. For operators looking to add share or break into the US, Kindred could be an effective way of doing just that.<\/p>\n

The Unibet brand holds licenses in Arizona, Indiana, Iowa, New Jersey, Pennsylvania, and Virginia, according to the Kindred website. Across sports wagering, iGaming, poker, and bingo, Kindred believes the global markets for those segments will sport 9% compound annual growth through 2025.<\/strong><\/p>\n

Additionally, there is some appetite for European digital gaming assets among US buyers. That’s highlighted by MGM Resorts International\u2019s (NYSE:MGM) pending $607 million purchase of Sweden\u2019s LeoVegas.<\/p>\n","protected":false},"excerpt":{"rendered":"

Keith Meister\u2019s Corvex Management has boosted its investment in Kindred Group. It could be the latest indication the hedge fund wants the Swedish gaming company to put itself up for sale, and do so soon. Meister\u2019s investment firm now owns 15% of Kindred\u2019s shares outstanding, meaning that since the start of 2022, the hedge fund\u2019s […]<\/p>\n","protected":false},"author":46,"featured_media":226043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,1],"tags":[81903,81966,81967],"acf":[],"yoast_head":"\nCorvex Management Ups Stake In Kindred To 15%<\/title>\n<meta name=\"description\" content=\"Corvex Management lifts Kindred investment, could be latest sign of push for sale.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Corvex Management Ups Stake In Kindred To 15%\" \/>\n<meta property=\"og:description\" content=\"Corvex Management lifts Kindred investment, could be latest sign of push for sale.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-11T19:43:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-12T01:15:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/\",\"url\":\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/\",\"name\":\"Corvex Management Ups Stake In Kindred To 15%\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg\",\"datePublished\":\"2022-08-11T19:43:09+00:00\",\"dateModified\":\"2022-08-12T01:15:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Corvex Management lifts Kindred investment, could be latest sign of push for sale.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-ups-stake-in-kindred-to-15\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Corvex Management founder Keith Meister at an investment conference in New York. 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