Thursday, November 3, 2011 : WILL HILL ABANDONS MOBILE GAMBLING PROVIDER ACQUISITION (Update)
William Hill's bid to takeover mobile gaming group Probability plc is no more
The takeover approach by William Hill plc to mobile gambling provider Probability plc has collapsed according to stock exchange notifications Wednesday.
The online and land bookie group gave no reasons for abandoning its initiative, but City sources indicated that tension between Hills and internet gambling business partner Playtech was possibly behind the termination of the talks.
Playtech has a 21 percent stake in William Hill Online, a joint venture between the two companies (see previous InfoPowa reports) and is said to have felt that a deal with Probability would have hurt its interests.
The statement to the stock exchange this morning simply noted that Hills "does not intend to make an offer".
Probability owns the Lady Luck mobile casino brand and claims to have a million UK customers for its bingo, poker and casino games. It is valued at about GBP 17 million.
Back on September 20, William Hill plc said it expected to make a cash offer for Probability, but added that this expectation was open to reconsideration.