London-listed online gaming operator 888 has confirmed that it has received an approach regarding a possible offer for the company by UK bookmaker William Hill.
888 was forced to make a statement to the London Stock Exchange this afternoon, following press speculation concerning the possibility of an estimated £750m offer being made for the company.
“The board of the company confirms that it received an approach regarding a possible offer for the company by William Hill plc,” said 888 in a statement. “There can be no certainty, however, that any firm offer will be made nor as to the terms on which any firm offer might be forthcoming.”
According to reports, William Hill is in advanced talks with the operator and has made a 210 pence per share offer for the company, although one of the company’s founding Israeli families is said to be holding out for an offer in the region of 300 pence.
888 added that the company's shareholders will be kept informed of relevant developments and a further announcement will be made as appropriate, no later than 28 days from today's announcement.
Shares in 888 Holdings plc (Co. Data) (LSE:888) hit a new 52-week high of 185.75 pence per share in trading Tuesday, before dropping to its current price of 169.75 pence, up 17.07 per cent. Shares in William Hill plc (Co. Data) (LSE:WMH) are currently trading down 2.75 per cent to 379.60 pence per share.