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William Hill shares rise as investor rejects merger plan William Hill shares rise as investor rejects merger plan
(about 2 hours later)
Shares in William Hill have risen after the betting company's largest shareholder said it would oppose any merger deal with Canada's Amaya.Shares in William Hill have risen after the betting company's largest shareholder said it would oppose any merger deal with Canada's Amaya.
Last weekend William Hill said it was in talks to merge with Amaya, which owns poker websites Full Tilt and PokerStars, in a potential £4.5bn deal.Last weekend William Hill said it was in talks to merge with Amaya, which owns poker websites Full Tilt and PokerStars, in a potential £4.5bn deal.
But Parvus Asset Management said the merger had "limited strategic logic" and would "destroy shareholder value".But Parvus Asset Management said the merger had "limited strategic logic" and would "destroy shareholder value".
By mid-morning, shares in William Hill - a FTSE 250 member - were up 4.3%. By midday, shares in William Hill - a FTSE 250 member - were up 4.2%.
Parvus said William Hill should consider other all options to maximise shareholder returns, including a possible sale.Parvus said William Hill should consider other all options to maximise shareholder returns, including a possible sale.
Also on the FTSE 250, shares in Man Group jumped 16% after the world's biggest listed hedge fund said it was buying investment manager Aalto, which manages property assets worth $1.7bn. Also on the FTSE 250, shares in Man Group jumped 13% after the world's biggest listed hedge fund said it was buying investment manager Aalto, which manages property assets worth $1.7bn.
Man Group also reported a 6% rise in the value of funds under management during the three months to September and said it planned a $100m share buyback.Man Group also reported a 6% rise in the value of funds under management during the three months to September and said it planned a $100m share buyback.
The blue-chip FTSE 100 index rose 38.6 points to 7,016.34. Tesco was the biggest riser, up 3.8%. The supermarket said on Thursday night that it had resolved its pricing row with supplier Unilever. Shares in Unilever were down 0.5%. The blue-chip FTSE 100 index rose 62.61 points to 7,040.35. Tesco was the biggest riser, up 4.1% to 203.05p. The supermarket said on Thursday night that it had resolved its pricing row with supplier Unilever. Shares in Unilever were down 0.5%.
On the currency markets, the pound was holding at about the $1.22 level against the dollar. On the currency markets, the pound was trading at around the $1.22 level against the dollar.
By mid-morning sterling was down 0.15% from the previous session at $1.2235. Against the euro it had edged up 0.1% to €1.1090. By midday, sterling was down 0.16% from the previous session at $1.2234. Against the euro it had risen 0.3% to €1.1112.