William Hill and GVC Holdings are about to buy Sporting Bet
May, 22, 2013 - William Hill is believed to have completed a deal with GVC Holdings and SportingBet to take over the latter. Sporting Bet recently released a press statement announcing the news that an agreement had been reached after they had received an improved and increased proposal from the two other parties concerned.
The new deal is believed to see Sporting Bet handed over to both William Hill and GVC Holdings upon completion. As best as can be understood, the shares of the new deal are estimated to be worth 61.1 pence per share, whilst SportingBet itself had a total value worth to be around the five hundred and thirty million pound mark.
The original rejected offer would have seen William Hill and GVC Holdings cough up around 52.2 pence per share, with William Hill paying 45 pence per share of that. This would have meant Sporting Bet would have been valued at a mere three hundred and fifty million pounds.
Although the deal has been confirmed by Sporting Bet, it is yet to go through, and Sportingbet have issued a deadline day of November the thirteenth, by which the deal must have gone through.
William Hill is believed to be interested in acquiring the shares of Sporting Bet as they attempt to extend their business across the internet and beyond. They have been very busy recently, acquiring shared and licenses in many companies and countries. William Hill recently applied for a license in Nevada (US), which is felt will put them ahead of the sports betting scene in the United States should the situation regarding the gambling laws there ever change. William Hill’s interest in Sporting Bet could stem from the fact that the company has a reasonable share of the Australian sports betting market. With William Hill also busying themselves in the Asian market as well, once can quite clearly see their battle plans as they attempt to set up a global enterprise that will be hard to be matched by even their strongest competitors.
SportingBet are believed that have been after more money than the £530 million that William Hill values them at, however they are interested in dealing for this sum should William Hill complete the move and finalize the deal to take over their shares. Just whether or not the deal does indeed go through could take some time, as these types of transactions often do.
To most of the experts however, it is widely expected to proceed unhindered due to William Hill’s keen interest in expanding their online gambling enterprise, brand and market, which the acquisition of Sporting Bet would almost certainly allow them to do.