William Hill up over 2% as merger talks end
Shares in William Hill plc climbed more than 2% on Tuesday as the company's shareholders welcome the end of merger talks with the Canadian Amaya Inc. The proposed £4.6 billion deal with the gaming and online gambling group was strongly opposed by the British bookmaker's major shareholder, after the board submitted a comprehensive strategic review.
"The Board has informed Amaya that it is withdrawing from discussions and wishes Amaya well for the future," William Hill announced in a statement.
The company has been looking after a transformational deal with Amaya in order to remain competitive in the face of rapid consolidation in the betting sector. However, on Friday last week, William Hill's largest shareholder, hedge fund Parvus Asset Management, came out against the proposed tie-up, and called for the firm to sell its business instead of seeking acquisitions.
William Hill rose 2.59% to 312.8 pence at 10:33 a.m. CET, having gained 3.75% last month.