HomeMarket NewsPlaytech Boldly Rejected By 888 Holdings, Sparking Stock Plunge

Playtech Boldly Rejected By 888 Holdings, Sparking Stock Plunge

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Single Woman Walking Past A High Street Branch Of William Hill Betting Shop

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888 Holdings, the parent company of William Hill, has spurned a whopping £700 million takeover bid from gambling tech provider Playtech over the sweltering summer months. Since the heart-stopping refusal, 888’s value has plummeted, now barely scraping together a valuation of just over £300 million.

Playtech’s audacious attempt to snag 888 Holdings involved an offering price of 156p per share in July, as detailed in a report by The Sunday Times. But alas, 888 Holdings swiftly batted away the proposal, and there’s been no shortage of consequences since then with the company’s shares plummeting.

According to one person in the know, Playtech may have been fantasizing about bringing together 888’s brands with Snai, an Italian betting brand, and then carving out Playtech’s business-to-business operation as a solitary entity, as reported by The Times.

The fiery rejection saga doesn’t stop there. There are also whispers of DraftKings, the behemoth in the betting world, toying with the idea of making an offer for 888 Holdings. DraftKings’ CEO Jason Robins engaged in discussions with a group of 888 shareholders – FS Gaming – about the possibility of a sun-kissed, all-stock offer for 888, as revealed by The Financial Times in a report last month.

Alas, DraftKings snapped out of the dreamlike dalliance with 888 after it came to light in mid-July that the UK gambling regulator had placed 888’s license under the microscope, as reported by The FT.

And if all that wasn’t enough sizzle, 888 Holdings had previously dished out almost a staggering £2 billion to bankroll the acquisition of William Hill in 2022. How’s that for some financial flavor!

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