Sportingbet Reject William Hill Takeover

London-listed online sportsbook and gaming operator Sportingbet has rejected the initial joint takeover offer lodged last month by UK bookmaking giant William Hill in partnership with GVC Holdings.

The combined offer reportedly valued Sportingbet at around £350 million and would have seen William Hill acquire its Australian and ‘certain other locally licensed businesses’ while GVC would have taken control of the remainder of its operation.

“Sportingbet notes the recent press speculation regarding the approach by William Hill and GVC, bronchi ” read a statement Sportingbet issued yesterday.

“The board of Sportingbet confirms that it has received an indicative offer from William Hill and GVC of 52.5 pence comprising of 45 pence in cash from William Hill and 7.5 pence in shares in GVC. The board of Sportingbet has responded that this indicative offer significantly undervalues the business and its future prospects.

“This announcement is made without the consent of the potential offerors. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made. A further announcement will be made in due course.”