Sportingbet Snubs Takeover Bid
Sportingbet, one of the United Kingdom’s largest sports betting operations, has snubbed a takeover effort from rival William Hill, it was learned Sunday.
Sportingbet, which is slated to report its full-year results on Wednesday, rejected the £350 million takeover bid from Hill and its partner, European gaming company GVC. William Hill had proposed a 52.5p-a-share bid.
The company had previously been in talks with another rival, Ladbrokes. Its share price has surged 16 percent since discussions about a possible takeover began to surface.
Sportingbet is forecast by Edison Research to report profits of £34.5 million, which is down £3 million on a year earlier.
- Aaron Goldstein, Gambling911.com
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