Online gaming operator Sportingbet plc said Monday that the indicative offer it has received from William Hill and GVC “significantly undervalues the business”, but stopped short of rejecting the offer outright.

The company said in a statement Monday that it has received an offer from William Hill and GVC of 52.5 pence per share, comprising of 45 pence in cash from William Hill and 7.5 pence in shares in GVC, valuing the business in the region of £350m.

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