William Hill given more time for Sportingbet bid
Takeover Panel extends deadline for all parties to iron out issues
By CFOWorld.co.uk staff | CFO UK | Published 13:59, 18 December 12
UK’s largest bookmaker William Hill has been granted more time by the country’s Takeover Panel in its £485 million bid for rival firm Sportingbet.
William Hill is making a joint bid for Sportingbet with smaller betting firm GVC Holdings.
A source told CFOWorld that all parties have reached a “provisional” agreement on a combined cash and shares deal valuing Sportingbet shares at 56.1 pence per share.
However, with final details still to be ironed out, a spokesperson said the Takeover Panel has extended the deadline for the submission of a formal offer from Tuesday until Friday.
Under the terms of the agreement between GVC Holdings and William Hill, the former will acquire Sportingbet’s operations in jurisdictions where gambling regulations are less clear cut while the latter will takeover Sportingbet’s Australian operations.
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