William Hill given even more time to finalise details of Sportingbet takeoverDecember 18th, 2012 / lee
The ongoing saga of William Hill’s proposed takeover of Sportingbet could go a little longer as well, as Britain’s biggest bookmaker was given more time to thrash out the details of a final deal. Another deadline had been set for 5pm on Tuesday, December 18th, but because of a provisional agreement on a deal, the deadline for a formal offer has been pushed back yet again until Friday, December 21st. The latest provisional agreement was set at £485 million a price of 56.1 p per Sportingbet share but details between the parties were still being worked out.
William Hill are making a joint bid for the Sportingbet business along with gaming group GVC, with William Hill are interested in the large share of the Australian online betting market that Sportingbet possess. GVC would then acquire the areas of Sportingbet in the markets where the regulations are less clear. It looks as if a deal will get done and the latest bid is a revised lower one than the £530 million that had previously been suggested, following some poor trading results from Sportingbet. A poor set of quarterly results from Sportingbet, allowed William Hill some bargaining power, lowering their bid.
William Hill and GVC Holdings are trying to put together the finishing touches to acquire Sportingbet, and after all the back and forth between the parties, more time is needed to settle any deal. It was back in September of 2012 that William Hill first made their interest in Sportingbet public, which followed rivals Ladbrokes who had previously had made a failed bid for the business. The latest extension of time, a shortened extension, could see the deal finally wrapped up.