William Hill And GVC To Buy SportingbetParties Agree £530 Million Deal After Revised Offer Accepted |
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William Hill, Gaming VC and Sportingbet have reached agreement on an updated offer which will see Sportingbet, owner of the once revolutionary Paradise Poker, sold to Hill’s and GVC for £530 million.
A previous offer of £350 million had been rejected by Sportingbet.
Paradise Poker has suffered greatly in recent years with revenue falling to just £11.3 in 2012 million from £17.3 million in 2011.
The offer values Sportingbet shares at 61.1 pence per share. Under the proposed deal Sportingbet shareholders can apply to receive proportionately more shares or cash.
The deal, which will see Hill’s take on Sportingbet’s regulated businesses in territories such as Australia while GVC will take on the remaining markets, still has to undergo due dilligance and the companies have until November 13 at 5 p.m. for the offer to be confirmed and accepted.
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