ABG Sundal Collier is acting as financial advisor to Play Magnus Group in connection with Chess.com’s voluntary offer to acquire all shares in the company

On Wednesday, 24 August 2022, the Board of Play Magnus AS (“Play Magnus”) announced an agreement whereby Chess Growthco LLC (the “Offeror”), a wholly-owned subsidiary of Chess.com intends to put forward a voluntary cash offer (the “Offer”) to acquire 100% of the shares in Play Magnus at an offer price of NOK 13.0 per share (the “Offer Price”). The Offer Price represents a 44% premium to the volume weighted average price (“VWAP”) for the thirty-day period ending on 23 August 2022, a 44%% premium to the VWAP for the three-month period ending on 23 August 2022 and a premium of 29% compared to Play Magnus’s closing price as of 23 August 2022.
Chess.com – http://chess.com is a leading provider of chess gaming and other chess-related services offering a vibrant forum and social network, a news feed, a chess academy, a coaching platform, tactics and puzzles, live tournaments, a separate website for kids (Chesskid.com – http://chesskid.com), and ChessTV. Going forward, both companies believe that the combination of the two creates new opportunities for the game of chess that will benefit all chess players and fans.
This is the second time that ABG Sundal Collier acts as advisor to Play Magnus over the last two years, having acted as joint global coordinator and bookrunner in the listing of Play Magnus on Euronext growth in October 2020.