Bookmaker William Hill and GVC Holdings said this morning they had reached an agreement over the terms of the takeover of online betting firm Sportingbet.
The proposal values each Sportingbet share at 61.1p, up from a previous 52.5p. It comprises 48.9p in cash, 1.1p dividend in cash and 0.0475 new GVC Holdings shares per Sportingbet share.
Sportingbet said two weeks ago that the initial bid approach undervalued the company and had been reportedly holding out for at least 60 pence.
The online gaming company said this morning: “Subject to reaching agreement upon its detailed terms and conditions, the board of Sportingbet has confirmed to William Hill and GVC Holdings that if such an offer were to be made, the board of Sportingbet would expect to unanimously recommend it to Sportingbet shareholders”
The UK Takeover Panel has extended the deadline for an offer to be made until 5pm on 13 November.
City A.M. Reporter