The majority shareholder of Central and Eastern European betting operator Fortuna Entertainment Group (FEG) wants to take the company private to better compete with its major rivals.

On Tuesday, FEG announced that Fortbet Holdings Ltd had made a non-binding offer to acquire 100% of FEG and delist the company from the Czech Republic and Poland stock exchanges. Fortbet currently holds a nearly 80% stake in the company, after boosting its stake from 68% last year.

Fortbet’s offer to acquire all outstanding shares in FEG values the company at nearly €450m. The offered prices of CZK 182.5 or PLN 29.8 represent premiums of 54.2% and 53.5%, respectively, from FEG’s 12-month volume weighted average price.

Fortbet’s rationale for taking FEG private includes releasing the company from its public disclosure obligations, which Fortbet views as “a significant disadvantage as Fortuna’s major competitors are private companies that are subject to less extensive and transparent reporting requirements.”