888 Holdings shares have surged today based on the news that William Hill Plc was in talks to take over the company. According to the Times of London on Tuesday, the UK betting giant had agreed to purchase 888 Holdings at 210 pence per share to increase it’s online gambling market share. 888 Holdings is listed on the London Stock Exchange and news of the proposed acquisition has sent 888 shares surging 18%. The company is valued at £750m.
“The board of the company confirms that it received an approach regarding a possible offer for the company by William Hill,” 888 said.
An announcement is expected in 28 days as to whether the deal will be accepted or not. There is talk that one of 888’s founders wants 300 pence per share.
There’s been a lot of consolidation in the gaming industry within the last year with news of Intertain Group Ltd purchasing Gamesys Bingo sites for $650 million and Amaya’s purchase of Rational Group (parent company of Full Tilt and PokerStars) for $4.9 Billion. Playtech has also recently announced they are in talks to make a major acquisition in 2015. With regards to a possible takeover of 888 Holdings by William Hill Plc, this will have both global and US implications as 888 currently operate in regulated US States making the company an attractive acquisition.
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