888 Shares Increase
888Casino saw a welcome increase of over 20% in their share prices this week following the announcement of a takeover proposal from the William Hill, the primary bookmaker in the UK. The announcement by 888 came shortly after media speculation of William Hill’s involvement with 888 being in advanced discussions of a possible takeover bid.
It has been guessed at, that the two companies have reached a conditional agreement that involves a transaction priced on 210p per share, the escalation of share value saw share prices increase to 175p a share, representing a 21% rise in share price. As a side effect to the appropriation offer, shares in William Hill decreased by 3.5% to 376.2p/share as the rumours started circulating regarding the potential 888 takeover, leaving the stockholders uncertain regarding the enduring success of any possible deal.
888Casino released a statement confirming that they have been approached regarding a conceivable takeover offer from the William Hill Company and there was potential uncertainty, regarding any firm offer that could possibly follow. However, reports have strongly suggested the takeover bid might have reached a preliminary agreement stage. Industry sources stated the proposal might still fall through, reason being the Shaked family from Israel, 888 founders are resolute to progress with a bid at a rate of 300p per share is laid on the table. Should William Hill be forced to increase their bid by almost 50% it would stretch their budget to a degree that it would need to pursue capital to fund the deal.
In the case that the deal does go through it would boost the William Hill portfolio with a huge slots portfolio and currently both firms’ offers a large pool on online games and a large selection of mobile slots.