William Hill's Purchase Offer for 888 Reaches $750 Million

The largest bookmaker in the UK is trying to acquire an Israeli gambling company, and it looks like it may take 9 figures to make it happen.

William Hill's Current Per Share Offer

William Hill is moving forward with plans to acquire Israeli company 888 Holding, a deal which the London Times reported was all but done after a purchase price between all parties was agreed to at £2.10 per share.

William Hill is prepared to pay the Shaked and Ben-Yizhak families, currently in ownership of 60% of 888's shares, their choice of cash or shares in the new company.

Shares More Valuable With Expansion?

However, the Shakeds are purportedly holding out for as much as £3 per share, representing a larger slice as William Hill's expansion accelerates. In fact, William Hill has been linked to a Bwin for further expansion in the very near future.

Neither William Hill nor 888 had any comment on any of the current status of proceedings, but the market certainly spoke, with 888's shares up 23% in London to £1.73 at the end of the trading in Israel, yielding a market cap of £615 million.

888 Update

However, by the end of the trading day in London several hours later, 888 was compelled to communicate to the London Stock Exchange, confirming the overture from William Hill:

“The board of the company confirms that it received an approach regarding a possible offer for the company by William Hill plc,” announced 888. However, 888 denied the completion of a final offer or agreement on closing terms.

Shareholders to be Kept in the Loop

The company concluded its statement by reassuring company shareholders publicly that they would be will be kept informed of relevant developments with a further update forthcoming no later than 28 days from today's announcement.