888 Holdings rockets on bid speculation
Shares in online betting company 888 Holdings soared on speculation that a buyout bid, the value of which was put at £750m, from rival William Hill, could soon materialise.
Evoke (DI)
62.40p
16:40 01/11/24
1.22%
0.75p
FTSE 250
20,479.74
17:14 01/11/24
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FTSE 350
4,508.38
17:14 01/11/24
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Travel & Leisure
8,153.56
17:14 01/11/24
0.52%
42.39
William Hill
271.80p
09:58 22/04/21
0.00%
0.00p
888 jumped 22% on Tuesday following the news, while William Hill was down 1.5%.
The two companies are believed to have reached an initial agreement over a 210p a share offer in a bid to expand its online gaming operations, the Times said.
However, one of the group's founding Israeli families can be holding out for 300p a share.
The newspaper reports that industry sources think William Hill might have offered both the Shaked and Ben-Yitzhak families the choice of taking cash or paper. The two families together hold 60% of the group.