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William Hill and 888 end takeover talks | William Hill and 888 end takeover talks |
(about 1 hour later) | |
William Hill and online rival 888 have ended discussions over a possible takeover after an 888 shareholder rejected the offer as too low. | William Hill and online rival 888 have ended discussions over a possible takeover after an 888 shareholder rejected the offer as too low. |
William Hill had offered 200 pence a share for 888, which would have valued the company at more than £700m. | |
However, a "significant difference of opinion" derailed talks, 888 said. | |
888's shares jumped more than 20% last week after it said it had received a takeover approach. But the shares fell 14% on news that have been scrapped. | |
Shares in William Hill rose 0.6% on the news. | |
"Due to a significant difference of opinion on value with a key stakeholder, it has not been possible to reach agreement on the terms of a possible offer and the board of the company has agreed with William Hill to terminate discussions," 888 said. | "Due to a significant difference of opinion on value with a key stakeholder, it has not been possible to reach agreement on the terms of a possible offer and the board of the company has agreed with William Hill to terminate discussions," 888 said. |
The Times, which first reported the bid, said last week that one of 888's big investors was holding out for a higher offer. It said one of 888's Israeli founders, thought to be the Shaked family, wanted 300p a share. | The Times, which first reported the bid, said last week that one of 888's big investors was holding out for a higher offer. It said one of 888's Israeli founders, thought to be the Shaked family, wanted 300p a share. |
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