William Hill shares rise as investor declines merger strategy
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Shares in William Hill have actually risen after the wagering business's biggest investor said it would oppose any merger deal with Canada's Amaya.
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Last weekend William Hill said it remained in talks to combine with Amaya, which owns poker sites Full Tilt and PokerStars, in a prospective ₤ 4.5 bn deal.
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But Parvus Asset Management said the merger had "minimal tactical reasoning" and would "damage investor value".
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Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus stated the betting company ought to consider other all choices to maximise shareholder returns, including a possible sale.
Ralph Topping, who down in 2014 after 8 years as president of William Hill, said he "fully supported" Parvus.
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"When this promotion code deal was announced I was left scratching my head," he informed the Financial Times, external. Both [Amaya and William Hill] have a lot to arrange out in their own business. I'm very distressed on the future of William Hill."
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Also on the FTSE 250, shares in Man Group jumped 13.7% after the world's biggest listed hedge fund said it was buying financial investment supervisor Aalto, which handles property possessions worth $1.7 bn.
Man Group also reported a 6% rise in the value of funds under management during the 3 months to September and stated it prepared a $100m share buyback.
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The blue-chip FTSE 100 index increased 35.81 points to 7,013.55. Tesco was the biggest riser, up 4.41% to 203.7 p. the yohaig code supermarket said on Thursday night that it had resolved its rates row with supplier Unilever. Shares in Unilever were down 0.5%.
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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
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William Hill Shares Rise As Investor Rejects Merger Plan
kathaleenguard edited this page 6 months ago