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martinlee
888 Holdings (OTCPK:EIHDF), owner of William Hill, rejected a £700m takeover by Playtech (OTCPK:PYTCF) over the summer.
Gambling technology provider Playtech (OTCPK:PYTCF) made an indicative approach to buy 888 Holdings at a price of 156 pence per share in July, according to a Sunday Times report on Saturday, which cited unidentified municipal sources. Since the bid was rejected, 888 shares have plummeted and owner Will Hill is now valued at just over £300m.
Playtech (OTCPK:PYTCF) may have been looking to combine 888's brands with Snai, an Italian gambling brand, and then spin off Playtech's business-to-business operations as a separate company, the Times reported, citing a person familiar.
The Times story comes after a report last month that DraftKings (DKNG) discussed a potential offer for William Hill, owner of 888 (OTCPK:EIHDF), with some of the betting operator's major shareholders in June and July. Jason Robins, CEO of DraftKings, held talks with a group of 888 shareholders, FS Gaming, about a possible all-share offering for 888, according to a Financial Times report.
DraftKings (DKNG) pulled out of 888 talks after it was revealed in mid-July that the UK gambling regulator had put 888's license under review, according to the Financial Times.
888 Holdings (OTCPK:EIHDF) paid almost £2 billion to acquire William Hill in 2022.
