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William Hill-owner 888 Holdings (OTCPK:EIHDF) rejected a £700m takeover from Playtech (OTCPK:PYTCF) over the summer.
Gambling tech provider Playtech (OTCPK:PYTCF) made an indicative approach to purchase 888 Holdings at a price of 156p a share in July, according to a Sunday Times report on Saturday, which cited unidentified City sources. Since rejecting the offer, 888 shares have plunged and the Will Hill-owner is now valued at a bit more than £300 million.
Playtech (OTCPK:PYTCF) may have been looking to combine 888’s brands with Snai, an Italian betting brand, and then hive off Playtech’s business-to-business operation as a separate company, the Times reported, citing one person familiar.
The Times story comes after a report last month that DraftKings (DKNG) discussed a potential offer for William Hill- owner 888 (OTCPK:EIHDF) with some of the betting operator’s top shareholders in June and July. DraftKings CEO Jason Robins held discussions with a group of 888 shareholders – FS Gaming – about a potential all-stock offer for 888, according to a Financial Times report.
DraftKings (DKNG) walked away from the 888 talks after it was disclosed in mid-July that the UK gambling regulator had placed 888’s license under review, according to the FT.
888 Holdings (OTCPK:EIHDF) paid almost £2 billion to acquire William Hill in 2022.