The global online casino and sports book operator 888 Holdings has reportedly rejected the acquisition bid from the Playtech PLC, the software development company delivering solutions to the iGaming industry. As reported, Playtech submitted a £700 million (around $883 million) bid to take over the operations of 888 Holdings in the summer of 2023 but the operator rejected the bid.
Rejecting the $883 Million Bid:
According to CDC Gaming Reports (CDCGR), 888 Holdings, a global gambling company, received this summer a written bid from Playtech for the ownership transformation. The software developer reportedly offered to have the title over the 888 Holdings’ operations transferred to Playtech for 156p (around $1.97) per share on the London Stock Exchange. For this reason, the overall corporate value of 888Holdings has reportedly been estimated at around £300 million (approximately $379 million).
Such an estimate of the overall value of the company 888Holdings resulted in its recent removal from the FTSE 250, or the Financial Times Stock Exchange Index of the 250 companies listed on the London Stock Exchange with the highest market capitalization. The FTSE 250 also includes Playtech, a global supplier of a wide range of slot games and live dealer games with a remarkable presence in the US market. The company is traded on the London Stock Exchange and the prospective acquisition would likely result in the company’s higher ranking in the FTSE scale arising from the considerable capital increase attempted with the bid.
Share Price Increase:
However, the source reports that the 888 Holdings’ rejection of the bid resulted in the increased rating of the operator on the London Stock Exchange with the company’s shares rising ever since the news on the rejected bid were revealed. As reported, the operator’s shares are currently standing at the price of 81p (around $1.02) per share. The source doesn’t indicate whether the current rating will bring the company back to the FTSE 250 list but it is a highly likely scenario for the forthcoming period as the effect of rejection has already been reflected in the increased share price.
According to CDCGR, the latest acquisition proposal given to 888 Holdings followed the takeover bid from DraftKings that was halted earlier this year as the UK Gambling Commission started an investigation into a minor shareholder of 888 Holdings. The US market leading operator had to withdraw from the bid, but 888Holdings continued its decade-long presence across the US key markets.
Awaiting Acceptable Acquisition Deals:
The rejection of the Playtech’s $883 million bid may be explained by the fact that 888Holdings made a single $800 million acquisition of a Caesars Entertainment’s vertical outside US in 2022 which might have increased the company’s overall value beyond the developer’s proposal. The resulting share price increase would therefore enable 888Holdings to seek for more acceptable ownership trading offers.
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