William Hill Considers Sportingbet Takeover BidBritish Bookmaker To Team Up With GVC Holdings to Consider Move For Online Gaming Operator |
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William Hill has confirmed it is in the preliminary stages of considering a bid for Sportingbet, the online bookmaker and poker operator.
Hill said it had teamed up with GVC Holdings to look at the move which, if successful, would see it take Sportingbet’s Australian and other “locally licensed businesses” while GVC Holdings would absorb the rest of the company.
Sportingbet owns Paradise Poker which has suffered a huge decline in revenue in recent times.
The companies released a joint statement in response to share price movements at Sportingbet yesterday. It said, “Any offer would be substantially in cash with an element of GVC paper. William Hill intends that the entity initially acquiring the Regulated Businesses would be a subsidiary of William Hill and not William Hill Online. GVC and William Hill reserve the right to amend the terms and structure of the possible offer in due course.
“The Boards of William Hill and GVC believe that by acting in combination they represent a highly credible possible offeror for the entire Sportingbet business, substantially in cash.”
“No formal approach has been made to the Board of Sportingbet and there can be no certainty that any offer will be forthcoming and nor as to the terms on which any offer might be made.”
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