(Bloomberg) -- Online gambling firm Kindred Group Plc is accelerating plans for a potential sale, people with knowledge of the matter said, following the departures of senior managers in recent weeks.

The company, which runs sports wagering site Unibet and online casino 32Red, has asked prospective bidders to submit first-round offers by the end of May, according to the people. 

Kindred’s Swedish depositary receipts jumped as much as 7.7% on Wednesday, hitting the highest intraday level since October 2021. They were up 2.4% at 4:57 p.m. in Stockholm, giving the company a market value of 30 billion kronor ($2.8 billion). 

Industry rivals including MGM Resorts International are among possible suitors studying the business, the people said, asking not to be identified because the information is private. Kindred has also approached Evolution AB, Entain Plc and Flutter Entertainment Plc to gauge their interest, though some of the firms have indicated they’re unlikely to proceed with bids, the people said.

Kindred announced a strategic review of its business in late April in a bid to maximize value for shareholders. It’s working with PJT Partners Inc., Morgan Stanley and Canaccord Genuity Group Inc. to explore options, including a possible merger or sale, it said at the time. 

In the weeks since, Kindred Chief Executive Officer Henrik Tjärnström resigned and the company said Chief Financial Officer Johan Wilsby will leave his post later this year. 

“Given the recent management departures, we would think that the process is moving quite quickly,” said David Brohan, an analyst at Goodbody. “Operators such as Fanatics/MGM could look to acquire the business as a way to bolster international ambitions.” 

Flutter and Entain could be interested in certain parts of Kindred’s business, according to Brohan.

Casino giant MGM, which runs an online gambling venture with Entain, said recently that it’s looking to make more acquisitions in the space. Activist investor Corvex Management has stakes in both Kindred and MGM, with founder Keith Meister taking a seat on the US company’s board. 

Deliberations are ongoing, and Kindred hasn’t made any final decisions on a sale, the people said. Representatives for Kindred, Evolution, Entain, Flutter and MGM declined to comment.

--With assistance from Gillian Tan and Thomas Seal.

(Updates with share movement in third paragraph.)

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