Tuesday October 16,2012 : WILL HILL GVC SECOND SPORTINGBET BID REJECTED (Update)
Sportingbet holding out for 60p per share or more
According to UK news source City A.M., a William Hill and GVC Holdings' second informal bid has been rejected by Australian operator Sportingbet.
The duo's initial bid last month of 52.5p per share which was rejected by Sportingbet as significantly under-valuing the company prompted an improved albeit informal offer of 55p per share late last week but Sportingbet is holding out for a minimum 60p per share and perhaps more as Numis Securities has valued the company at 90p per share.
As the Tuesday 17h00 deadline looms, the companies have reportedly been in discussions over the weekend in an effort to hash out a deal but according to an unidentified City A.M. source described as being close to discussions "valuations are still some way apart".
In the interim there has been a flurry of interest in SportingBet shares.