William Hill’s 888 takeover talks end
Negotiations over a takeover of 888 by fellow operator William Hill have come to an end, 888 Holdings has announced.
Share prices in 888 dropped 16% in early trading today when it became known that the potential £750m deal was no longer a possibility.
A statement from 888 cited a lack of agreement on the value of the company with a key stakeholder as the reason for the talks between the companies collapsing.
The statement 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.”
Approximately 60% of 888 is owned by two separate family trusts, with the Shaked family owning 48.6% and the Ben-Yitzhak brothers Ron and Shay owning 10.5%.
It was reported on Tuesday that both parties had reached a preliminary agreement of 210p-a-share on the deal, forcing 888’s share price to rise 28% to 185.7p, before closing for the day at 171.5p.
However 888 denied that any offer had been made.
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