Sportingbet Rejects Second William Hill Bid

A second bid made by the United Kingdom’s largest bookmaker, William Hill, to acquire Sportingbet has been rejected as a deadline looms this week.

City A.M. reported that William Hill and its partner, GVC Holdings, had made an informal bid last week at over 55p a share, an improvement over the previous 52.5p per share offer rejected by Sportingbet last month.

“They are holding out for an increased offer, they have made some headway but it’s not enough,” one person close to discussions between the companies told City A.M.

“There has to be progress that the Sportingbet board are happy with,” one source said. “There need to be headline terms agreed in principle. Both sides are fully aware of what [William Hill] needs to offer. ”

The deadline for a deal to get done is 5 pm London Time Tuesday (16 October), however, negotiations could be extended should the bid offer be within a range Sportingbet deems acceptable. 

- Aaron Goldstein, Gambling911.com