888 ends William Hill takeover talks

Israeli igaming operator 888 Holdings has revealed that it has ended takeover discussions with William Hill Plc. The operator stated that the negotiations had been terminated due to significant differences in value and pricing as William Hill offered 888 Plc 200 pence per share.

888’s shares jumped more than 20% last Friday after it said it had received a takeover approach. 888 shares today fell 14% on news that the acquisition had been scrapped.

888 said in a statement: “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.”

“It seems that one of 888’s founding shareholders values the group at a significantly higher price than any of the other stakeholders, the other co-founders, the group’s institutional shareholders and, quite possibly, 888’s own management team. As such, William Hill was left with little choice but to walk away,” said David Jennings, gaming analyst at broker Davy.

Brian Mattingley, Chief Executive of 888 Holdings, said: “The Company is in good health and continues to trade comfortably in line with expectations.”