Timeline: How the Hills-GVC takeover of Sportingbet played out

19 September ““ News first breaks that William Hill and GVC Holdings are in preliminary talks to launch a joint bid for Sportingbet, with the original deadline set for 16 October. The deal would see Hills take over the Australian and Spanish businesses, with the remainder going to GVC.

1 October ““ Sportingbet rejects a £350m, 52.5p per share joint takeover offer from Hills and GVC, two weeks before the deadline. Sportingbet’s share price has risen by almost 16% since the takeover bid was first announced.

16 October ““ Hills and GVC are granted their first extension, until 13 November, to make an improved offer, as Sportingbet plans to hold out for a 61.1p per share deal valuing the operator at approximately £530m. A statement also adds: “The revised proposal includes a ‘mix and match’ facility under which Sportingbet shareholders will have the opportunity to apply to receive proportionately more cash or more shares.”

13 November ““ Sportingbet grants both bidders a second extension until 5pm on 4 December, due to the “sheer amount” of due diligence needed to be carried out before tabling a formal bid, according to an eGR source. An improved offer of 61.1p per share is on the table, comprising 48.9p in cash, a 1.1p dividend declared by Sportingbet and the rest in GVC paper, valuing the group at £408m, or £530m including Sportingbet’s convertible bonds and share options.

19 November ““ The Daily Telegraph reports that if Sportingbet chief executive Andy McIver and chief financial officer Jim Wilkinson leave after the acquisition, they would be entitled to two years’ worth of salary, bonuses, pension payments and other benefits, with McIver due up to £2.4m.

30 November ““ In its first quarter results for the financial year, figures show that Sportingbet’s revenues fell by more than one third, due in part to post-regulation struggles in Spain. Net gaming revenues from casino and games in Europe fell 33.1% year-on-year, due in part to dot.es regulation restricting the availability of certain products, while overall group revenues of £38.8m were down from £59.9m in Q1 2011-12.

3 December ““ eGR exclusively reveals that Hills and Sportingbet held crunch talks during the weekend of 1-2 December to salvage the bid, while a third bid deadline extension, until 5pm on 18 December, is also agreed. It is understood that Topping and a number of his key allies this weekend attempted to drive down the original 61.1p a share offer.

4 December ““ Hills and GVC reach a conditional agreement to acquire Sportingbet, valuing the company at £485m and a revised 56.1p per share. A Sportingbet statement reads that it is not a firm offer, and the deadline extension is intended to “enable the parties to conclude their ongoing discussions”.

18 December – Fourth extension granted, until 5pm on 21 December, with only the final terms and conditions to agree before a £485m deal is done, a source close to the matter tells eGR. “The deal is still progressing and the final terms and conditions still need to be agreed but it is now just a question of completing the paperwork and ensuring that all the legal documentation is signed and sealed,” the source says.

20 December ““ Hills and GVC confirm acquisition of Sportingbet, with the former taking ownership of the Australian business and a grant of call option for the Spanish business, for £454m, at 56.1p per share.