William Hill in 888 takeover bid
888 confirms it has received an approach from William Hill after reports of £750m takeover
888 Holdings has confirmed it has received a takeover approach from William Hill following speculation the UK bookmaker had tabled a £750m bid for the Gibraltar-licensed firm.
The Times yesterday reported William Hill had tabled a 210p per share bid for 888 with the respective boards having reached a “preliminary agreement” over the deal.
888 has since released a statement confirming the approach but said no firm offer had yet been made.
“The Board of the Company notes the recent press speculation concerning the possibility of an offer being made for the Company,” 888 said in a statement to the market this afternoon.
“The Board of the Company confirms that it received an approach regarding a possible offer for the Company by William Hill PLC. There can be no certainty, however, that any firm offer will be made nor as to the terms on which any firm offer might be forthcoming.
“The Company’s shareholders will be kept informed of relevant developments and a further announcement will be made as appropriate, but in any event by no later than 28 days from the date of this announcement.”
Speaking to eGaming Review yesterday afternoon, a spokesperson for William Hill confirmed the approach but refused to comment any further.
The speculation has sparked a run on 888’s share price, with its stock rising more than 20% to 176p although William Hill’s share price had dipped 3.5% to 376p at the time of writing.
According to The Times report, the bid from William Hill came after the firm had also run the rule over bwin.party.
888 is no stranger to takeover bids with Ladbrokes having made two failed attempts to acquire the business in recent years.