Avi Shaked, owning 48.6% 888.com demanded a price of 300 pence per share, above the company price at the stock exchange. 888 shares dive 18% in London while William Hill rises by 1%.
Last week, the London Times reported that the UK gambling giant William Hill is in advanced talks to purchase online gaming service operator 888.com, which is controlled by Shaked and Ben Yitzhak families.
Apparently 888’s Board of Directors rejected the offer from William Hill Casino due to the fact that the offer was too low.
888 Casino statement said:
Due to a significant difference of opinion on value with a key stakeholder, it has not been possible to reach agreement on the terms of a possible offer and the board of the company has agreed with William Hill to terminate discussions.
888 has confirmed that it has received a offer from William Hill about a possible acquisition. 888 also noted that the official announcement will be given within 28 days. 888 company employs more than 500 employees in its development center and is involved in Internet gambling in regulated market. The company serves clients in 220 countries, its focus is on the European market.