Ben-Yitzhak family sells £57 million stake in 888 Holdings

shaked
Avi Shaked

The Financial Times (FT.com) has reported that 888 co-founders the Ben-Yitzhak brothers have sold a £57 million stake in the FTSE-listed operator

The sale sees the Ben-Yitzhak family trust reduces its equity in 888 Holdings Plc from 10.4% to just below the 3% disclosure threshold.

The FT reports that the Ben-Yitzhak shares were placed on the market via Wealth Management firm Investec Securities at 205p apiece.

It has been rumoured, that the Ben-Yitzhak brothers had been in dispute with fellow co-founding family the Shakeds (48% equity owners) over the future of the operator.

In March 2016 Avi Shaked, Director of the Shaked trust rejected a 200p per share bid proposed by UK gambling operator William Hill. At the time, it was believed that the Shaked family were seeking an offer of at least 300p per share.

William Hill governance would not match the Shaked’s proposed value of 888 Holdings, stating “a significant difference of opinion in value with a key stakeholder.”

Having seen the bid acquisition breakdown, Shaked representatives stated that the family was not “natural sellers of cash,” preferring to support the company on a potential all-share merger with a competitor rather than selling their asset.

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