Numis Upgrades William Hill
Numis Securities Limited has upgraded William Hill from reduce to hold Friday with the target up from 250p to 310p.
William Hill, Great Britain’s largest bookmaking operation, announced its intention earlier in the week to purchase rival Sportingbet as part of a joint venture with another firm. The proposed acquisition would be arranged through an entity of William Hill and not William Hill Online, which is a joint venture with Playtech Ltd.
More recently, Hill entered into acquisitions with Nevada-based sports betting businesses such as American Wagering Inc.
James Wheatcroft, an equity analyst with Jeffries, questioned the timing of an acquisition of Sportingbet.
"The timing is complicated by the looming option to acquire the 29 percent Playtech (stake) in William Hill Online," he said. "Bidding up the competition ahead of a possible deal with Playtech adds further interest."
- Aaron Goldstein, Gambling911.com
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