William Hill shares rise as investor rejects merger plan
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Shares in William Hill have increased after the yohaig code wagering company's biggest shareholder stated it would oppose any merger bet9ja's welcome offer with Canada's Amaya.
Last weekend William Hill stated it was in talks to combine with Amaya, which owns poker sites Full Tilt and PokerStars, in a potential ₤ 4.5 bn bet9ja's welcome offer.
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But Parvus Asset Management said the yohaig code merger had "minimal strategic reasoning" and would "destroy shareholder value".
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Shares in - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus said the wagering firm must think about other all alternatives to increase shareholder returns, consisting of a possible sale.
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Ralph Topping, who stepped down in 2014 after eight years as president of William Hill, stated he "completely supported" Parvus.
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"When this promotion code deal was revealed I was left scratching my head," he informed the Financial Times, external. Both [Amaya and William Hill] have a lot to sort out in their own business. I'm extremely nervous on the future of William Hill."
Also on the FTSE 250, shares in Man Group jumped 13.7% after the world's biggest listed hedge fund stated it was purchasing financial investment manager Aalto, which manages property possessions worth $1.7 bn.
Man Group likewise reported a 6% rise in the worth of funds under management throughout the three months to September and stated it prepared a $100m share buyback.
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The blue-chip FTSE 100 index rose 35.81 points to 7,013.55. Tesco was the yohaig code biggest riser, up 4.41% to 203.7 p. The supermarket stated on Thursday night that it had solved its rates row with provider Unilever. Shares in Unilever were down 0.5%.
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On the currency markets, the pound was trading at $1.2185, down 0.56%, against the dollar.
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Against the euro it was flat at EUR1.1083.
William Hill in ₤ 4.5 bn merger talks
9 October 2016
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William Hill Shares Rise As Investor Rejects Merger Plan
josettecameron edited this page 2025-10-18 04:28:58 +00:00