William Hill Shares Rise As Investor Rejects Merger Plan
William Hill shares rise as investor declines merger plan
Shares in William Hill have actually risen after the wagering company's biggest investor said it would oppose any merger handle Canada's Amaya.
Last weekend William Hill said it was in talk with combine with Amaya, which owns poker websites Full Tilt and PokerStars, in a possible ₤ 4.5 bn offer.
But Parvus Asset Management stated the merger had "limited tactical reasoning" and would "destroy shareholder value".
Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus stated the wagering firm must consider other all choices to maximise investor returns, including a possible sale.
Ralph Topping, who stepped down in 2014 after 8 years as president of William Hill, stated he "fully supported" Parvus.
"When this deal was revealed I was left scratching my head," he told the Financial Times, external. Both [Amaya and William Hill] have a lot to figure out in their own service. I'm very distressed on the future of William Hill."
Also on the FTSE 250, shares in Man Group leapt 13.7% after the world's greatest noted hedge fund said it was purchasing investment supervisor Aalto, which handles home possessions worth $1.7 bn.
Man Group also reported a 6% rise in the value of funds under management during the three months to September and stated it prepared a $100m share buyback.
The blue-chip FTSE 100 index increased 35.81 points to 7,013.55. Tesco was the biggest riser, up 4.41% to 203.7 p. The supermarket stated on Thursday night that it had actually resolved its prices row with provider Unilever. Shares in Unilever were down 0.5%.
On the currency markets, the pound was trading at $1.2185, down 0.56%, versus the dollar.
Against the euro it was flat at EUR1.1083.
William Hill in ₤ 4.5 bn merger talks
9 October 2016
William Hill shares rise as investor declines merger plan
Shares in William Hill have actually risen after the wagering company's biggest investor said it would oppose any merger handle Canada's Amaya.
Last weekend William Hill said it was in talk with combine with Amaya, which owns poker websites Full Tilt and PokerStars, in a possible ₤ 4.5 bn offer.
But Parvus Asset Management stated the merger had "limited tactical reasoning" and would "destroy shareholder value".
Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus stated the wagering firm must consider other all choices to maximise investor returns, including a possible sale.
Ralph Topping, who stepped down in 2014 after 8 years as president of William Hill, stated he "fully supported" Parvus.
"When this deal was revealed I was left scratching my head," he told the Financial Times, external. Both [Amaya and William Hill] have a lot to figure out in their own service. I'm very distressed on the future of William Hill."
Also on the FTSE 250, shares in Man Group leapt 13.7% after the world's greatest noted hedge fund said it was purchasing investment supervisor Aalto, which handles home possessions worth $1.7 bn.
Man Group also reported a 6% rise in the value of funds under management during the three months to September and stated it prepared a $100m share buyback.
The blue-chip FTSE 100 index increased 35.81 points to 7,013.55. Tesco was the biggest riser, up 4.41% to 203.7 p. The supermarket stated on Thursday night that it had actually resolved its prices row with provider Unilever. Shares in Unilever were down 0.5%.
On the currency markets, the pound was trading at $1.2185, down 0.56%, versus the dollar.
Against the euro it was flat at EUR1.1083.
William Hill in ₤ 4.5 bn merger talks
9 October 2016