The Kindred Group announced that its Board of Directors has unanimously decided to initiate a process to explore strategic alternatives for the company, which may include a sale.
In a press release, the company said it would consider “all potential alternatives” to deliver value to shareholders.
The Kindred brand is famous for offering a wide variety of online casino games. The company also said there is no set timeline for the completion of its review.
Kindred is still planning to launch online casino games
The timing of the announcement is rather strange. Kindred was recently given final approval from the New Jersey Division of Gaming Enforcement to launch its Unibet platform in the Garden State.
In April, Kindred CEO Henrik Tjärnström said excitement was building for New Jersey online casino customers to experience the same joy as its European customers.
“I am very pleased that we are now able to launch our own Kindred platform in New Jersey,” Tjärnström said in an April 17 press release.
“I am immensely proud of everybody at Kindred who has made this possible. Introducing the Kindred platform to our customers in New Jersey will provide the entertainment and experience enjoyed by our customers in Europe.
We are now finally able to show off our true Unibet product. I also want to thank the NJDGE for a professional collaboration during the approval process.”
Kindred retains Morgan Stanley & Co.
According to another press release, Kindred will retain Morgan Stanley & Co. as financial advisors throughout the review process.
“Kindred has retained PJT Partners, Morgan Stanley & Co. International plc and Canaccord Genuity as financial advisors and to assist in its review of strategic alternatives. White & Case has been appointed as legal advisor in connection with the review process.”
Yesterday’s press release said the company has no obligation to make any further announcements regarding its plans.
“There can be no assurance regarding the results or outcome of Kindred’s review of strategic alternatives. Subject to compliance with its ongoing disclosure obligations pursuant to applicable laws and regulations, Kindred undertakes no obligation to make any further announcements regarding the exploration of strategic alternatives unless and until final decisions are made by the Company’s Board of Directors.”