William Hill and Sportingbet

GVC Holding and William Hill have shown their intention to purchase Sportingbet and they offered not one, but two joint offers and they were both declined by Sportingbet. It has been an ongoing saga that everyone thought will come to an end as the deadline of the UK Takeover Panel ended on the 13th of November. This did not happen as the deadline was extended one more time by the panel, which gives the two companies the ability to finalize the deal with Sportingbet’s board of directors. GVC and Will Hill have until the 4th of December to make that happen.

The story began 2 months ago when Will Hill stated that it is going to buy out the entire operations of SportingBet after working side by side with GVC. They made a first joint offer that was equal £350 million but it got declined by the company. They made another offer that was twenty million more than the first one which also got declined. They made that offer on the 15th of October and the deadline was on the 16th of October.

It seemed that Sportingbet still wanted to work on a deal because it has sent a request to the UK Takeover Panel asking for an extension. The request was accepted and the deadline was set on the 13th of November. The two companies made an offer that was accepted by the shareholders, it was equal 530 million pounds. Although the offer was accepted, there are other details that are not finalized yet. This is why Sportingbet has requested another extension to finalize the deal.

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