William Hill shares increase as financier turns down merger plan
Shares in William Hill have actually increased after the wagering business's largest investor stated it would oppose any merger handle Canada's Amaya.
Last weekend William Hill stated it was in speak to merge with Amaya, which owns poker sites Full Tilt and PokerStars, in a prospective ₤ 4.5 bn deal.
But Parvus Asset Management said the merger had "minimal tactical logic" and would "damage shareholder value".
Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus said the betting company must consider other all choices to increase investor returns, including a possible sale.
Ralph Topping, who stepped down in 2014 after 8 years as president of William Hill, said he "totally supported" Parvus.
"When this promotion code bet9ja's welcome offer was announced 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 organization. I'm extremely distressed on the future of William Hill."
Also on the FTSE 250, shares in Man Group jumped 13.7% after the world's greatest listed hedge fund stated it was buying investment supervisor Aalto, which handles property assets worth $1.7 bn.
Man Group likewise reported a 6% rise in the worth of funds under management during the three months to September and stated it planned a $100m share buyback.
The blue-chip FTSE 100 index increased 35.81 points to 7,013.55. Tesco was the greatest riser, up 4.41% to 203.7 p. The grocery store said on Thursday night that it had actually fixed its rates row with provider Unilever. Shares in Unilever were down 0.5%.
On the currency markets, the pound was trading at $1.2185, down 0.56%, against the dollar.
Against the euro it was flat at EUR1.1083.
William Hill in ₤ 4.5 bn merger talks
9 October 2016
