William Hill Deadline to Acquire Sportingbet Extended

(Reuters) - William Hill , Britain's largest bookmaker, has been given more time to finalise a 485 million pound ($785 million) takeover of rival gambling group Sportingbet.

The companies have provisionally agreed a cash and shares deal which would value Sportingbet shares at 56.1 pence each. William Hill is making a joint bid with smaller betting firm GVC Holdings .

The deadline for a formal offer to be submitted has been extended until Friday, December 21, the three companies said on Tuesday. It had been due to expire later on Tuesday.

William Hill wants to take over Sportingbet's online business in Australia while GVC would acquire the company's operations in areas where regulation is less clear cut.