Sportingbet rejects offer from William Hill/GVC
The company confirmed weekend press rumours on Monday by saying that the offer - comprising of us$ 0.72 in cash from William Hill and us$ 1,20 in shares in GVC - was not high enough. "The board of Sportingbet has responded that this indicative offer significantly undervalues the business and its future prospects," the firm said in a statement.
Prior to the initial approach on September 19th, Sportingbet's shares had been trading within us$ 0,64-0,70 range. The announcement sparked a jump to the us$ 0.80-0.86 mark.
Analysts at Panmure Gordon said in a research note today: "We believe Sportingbet is worth over us$ 0,96 a share excluding any bid speculation and expect Wednesday's FY results to show the business continues to make strong underlying progress."
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