Shares in 888 Holdings climb on takeover update
Shares in William Hill owner, 888 Holdings, climbed nearly 14% on Monday morning.
Following reports that the gambling company had rejected a £700m takeover offer from Playtech, which is largely a white label gambling technology business. IGTV’s Angela Barnes has the latest.
(AI Video Trancript)
Shares in 888 Holding
Shares in 888 Holdings, the company that owns William Hill, have skyrocketed after it turned down a £700 million takeover bid from Playtech. The stock is up 14.91% today, reaching around 81p per share on the IG platform. This surge has brought its stock price back to the same level it was at in December of last year.
Playtech
According to the Sunday Times, Playtech had offered to buy 888 Holdings for 156p per share back in July. However, 888 Holdings rejected the offer as it believed it undervalued the company. Currently, the share price is significantly lower at around 81p.
This news has drawn attention to the potential worth and importance of 888 Holdings, which has led to increased interest from investors and a rise in its stock price. The rejection of Playtechs offer suggests that 888 Holdings believes it is worth more than the proposed bid.
Investors and market watchers will continue to closely follow this story to see if Playtech revises its offer or if other companies express interest in acquiring 888 Holdings. The fact that 888 Holdings turned down the initial offer indicates that they believe the company is worth more, which could potentially lead to further negotiations or alternative takeover offers in the future.
To sum up, the report that 888 Holdings rejected a £700 million takeover bid from Playtech has caused a significant increase in its stock price. This rejection suggests that 888 Holdings believes its value exceeds the initial offer, leading to speculation about future negotiations and potential alternative offers. Investors and analysts will closely monitor the situation to see how it unfolds.
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