Sportingbet, William Hill, GVC takeover update

Looks like this one may go to the wire, but the latest offer isn't that much of an improvement on the old one. Unless there is a change of heart it would seem that William Hill and GVC don't believe Sportingbet is worth as much as some analysts have suggested. This one could easily fall through.

WILLIAM HILL’S proposed takeover of online bookie Sportingbet looks set to go down to the wire this week, after the Sportingbet board knocked back a second bid for the company last week.

Sources close to negotiations said yesterday that William Hill, together with GVC Holdings, made an improved informal bid for Sportingbet late last week, after a formal offer of 52.5p per share was rejected last month. The new offer, at over 55p a share, was a significant improvement but still short of the 60p or more that Sportingbet wants. 

http://www.cityam.com/latest-news/second-william-hill-bid-rejected-sportingbet

They have until tomorrow to make a bigger offer or at least show that both sides want to keep on talking. Sportingbet is down around 5% so it looks like the market may well have decided it isn't likely to happen.

Original post can be found here;

Will Sportingbet finally get a takeover bid?

http://www.blogger.com/blogger.g?blogID=4285330955624173039#editor/target=post;postID=2500241780786594703

UPDATE
Looks like a bid of 61.1p has been accepted.

Sportingbet agrees terms of 530 million pound takeover

UPDATE 2

Interesting how some news reports are presenting this as a done deal, whereas the Telegraph reports.

In a statement on Tuesday, Sportingbet said it had agreed to work with William Hill and GVC toward a firm offer, which if made, the board would unanimously recommend it to shareholders. 

William Hill had been required to announce a firm offer for the online gaming company by 5pm today, but the Takeover Panel has extended this deadline to 5pm on November 13.  

http://www.telegraph.co.uk/finance/9611072/William-Hill-sweetens-Sportingbet-offer-to-530m.html