William Hill makes takeover offer for 888

A story developing right now is a reported takeover bid made by William Hill, for 888.

Shares in 888 Holdings have jumped over 20% to 180 pence today after the The Times reported that “advanced talks” were being held between the two gambling companies.

A couple of hours ago 888 confirmed that it had been approached by William Hill with a possible offer, but that there was,“no certainty.. that any firm offer will be made nor as to the terms.”

888 said they would issue another announcement on the matter within 28 days.

According to The Times, William Hill have made an offer of £750m, or 210p per share. Well above the pre-takeover share price but apparently still considerably short of the 300p per share price wanted by the Shaked and Ben-Yizhak families, the majority shareholders and founders of 888.

If there’s any accuracy in the reported offer and asking prices, then both parties still have a long way to move before this is a done deal.

The news has also pushed up the share price of Bwin.Party who announced they were in takeover/merger discussions last November.

Should the takeover proceed, the two largest Evolution Gaming powered casinos will become part of the same corporate entity.