William Hill and Amaya Abandon Merger Talks
William Hill and Amaya abandon merger talks
18 October 2016
British bookie William Hill and Amaya, owner of the world's greatest online poker service, have ended talks of a possible ₤ 4.5 bn merger.
William Hill said it took the decision, external after canvassing views from a number of significant investors.
Recently, its greatest investor, Parvus Asset Management, heavily criticised the tie-up.
Canada's Amaya, external, which owns PokerStars, said that staying independent was the very best move for investors.
Amaya said: "Discussions have actually concluded, and Amaya and William Hill have figured out that they will no longer pursue the merger."
'Limited reasoning'
News of the talks emerged earlier this month, with William Hill saying a merger would develop "a clear international leader throughout online sports betting, poker and casino".
However, Parvus said the offer had "restricted tactical reasoning" and would "ruin shareholder value".
The FTSE 250 bookie is aiming to keep up as a number of its close competitors combine. Paddy Power and Betfair have actually merged to develop a FTSE 100 wagering firm, while Ladbrokes and Coral are combining to end up being the UK's most significant High Street bookmaker.
Ladbrokes reported a 12% increase in third-quarter profits on Tuesday, enhanced by online growth and bad outcomes for fan-favourites Manchester United and Barcelona.
William Hill, which ousted its president in July after a string of profit cautions, saw off a takeover method from gambling establishment company Rank and online operator 888 two months back.
Meanwhile, Amaya's shares have fallen 30% in the past 12 months in the middle of an expert trading investigation into its previous chief executive, the hazard of a $870m (₤ 710m) fine in Kentucky, and slowing prospects for online poker.
William Hill and Amaya abandon merger talks
18 October 2016
British bookie William Hill and Amaya, owner of the world's greatest online poker service, have ended talks of a possible ₤ 4.5 bn merger.
William Hill said it took the decision, external after canvassing views from a number of significant investors.
Recently, its greatest investor, Parvus Asset Management, heavily criticised the tie-up.
Canada's Amaya, external, which owns PokerStars, said that staying independent was the very best move for investors.
Amaya said: "Discussions have actually concluded, and Amaya and William Hill have figured out that they will no longer pursue the merger."
'Limited reasoning'
News of the talks emerged earlier this month, with William Hill saying a merger would develop "a clear international leader throughout online sports betting, poker and casino".
However, Parvus said the offer had "restricted tactical reasoning" and would "ruin shareholder value".
The FTSE 250 bookie is aiming to keep up as a number of its close competitors combine. Paddy Power and Betfair have actually merged to develop a FTSE 100 wagering firm, while Ladbrokes and Coral are combining to end up being the UK's most significant High Street bookmaker.
Ladbrokes reported a 12% increase in third-quarter profits on Tuesday, enhanced by online growth and bad outcomes for fan-favourites Manchester United and Barcelona.
William Hill, which ousted its president in July after a string of profit cautions, saw off a takeover method from gambling establishment company Rank and online operator 888 two months back.
Meanwhile, Amaya's shares have fallen 30% in the past 12 months in the middle of an expert trading investigation into its previous chief executive, the hazard of a $870m (₤ 710m) fine in Kentucky, and slowing prospects for online poker.