William Hill shares increase as financier declines merger plan
Shares in William Hill have increased after the betting company's biggest investor said it would oppose any merger bet9ja's welcome offer with Canada's Amaya.
Last weekend William Hill said it was in speak to merge with Amaya, which owns poker websites Full Tilt and PokerStars, in a possible ₤ 4.5 bn offer.
But Parvus Asset Management stated the merger had "restricted strategic reasoning" and would "ruin shareholder value".
Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus said the wagering company needs to consider other all options to maximise shareholder returns, consisting of a possible sale.
Ralph Topping, who stepped down in 2014 after 8 years as chief executive of William Hill, stated he "fully supported" Parvus.
"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 figure out in their own company. I'm extremely anxious on the future of William Hill."
Also on the FTSE 250, shares in Man Group leapt 13.7% after the world's biggest listed hedge fund stated it was buying financial investment supervisor Aalto, which handles residential or commercial property assets worth $1.7 bn.
Man Group also reported a 6% increase in the value of funds under management throughout the three months to September and stated it planned a $100m share buyback.
The blue-chip FTSE 100 index increased 35.81 indicate 7,013.55. Tesco was the greatest riser, up 4.41% to 203.7 p. the yohaig code grocery store stated on Thursday night that it had fixed its pricing row with supplier Unilever. Shares in Unilever were down 0.5%.
On the currency markets, the pound was trading at $1.2185, down 0.56%, versus the dollar.
Against the euro it was flat at EUR1.1083.
William Hill in ₤ 4.5 bn merger talks
9 October 2016
