Sportingbet Rejects £350 Million Takeover BidWilliam Hill And GVC Go Back To Drawing Board In Sportingbet Takeover Talks |
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Online bookmaker and poker operator Sportingbet has declined a £350 million takeover bid made by William Hill and GVC, according to The Telegraph.
The two submitted a 52.5p a share bid by letter (45p a share in cash and the remainder in GVC paper) but it was unanimously rejected by Sportingbet’s board.
William Hill paired up with GVC Holdings to look at the move, and said recently that if the bid went through it would see Hill take Sportingbet’s Australian and other “locally licensed businesses” while GVC Holdings would absorb the rest of the company.
The Telegraph reports that analysts expect the bid to now increase to £400 million. This would see the companies offer more than 60p a share, even though Sportingbet’s share price has not surpassed 52.25p since the two announced their joint approach.
Earlier this summer, British bookmaker Ladbrokes made a preliminary approach to Sportingbet in the hopes of buying the company. However, talks fell through when the parties were unable to agree “either a suitable structure or one that delivered sufficient value to shareholders in a meaningful time frame”.
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