William Hill shares rise as financier rejects merger plan
Shares in William Hill have increased after the betting company's largest shareholder stated it would oppose any merger handle Canada's Amaya.
Last weekend William Hill said it remained in talks to merge with Amaya, which owns poker sites Full Tilt and PokerStars, in a prospective ₤ 4.5 bn offer.
But Parvus Asset Management stated the merger had "restricted strategic logic" and would "damage shareholder worth".
Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus stated the wagering firm should consider other all alternatives to maximise shareholder returns, consisting of a possible sale.
Ralph Topping, who stepped down in 2014 after 8 years as president of William Hill, said he "totally supported" Parvus.
"When this promotion code bet9ja's welcome offer was announced I was left scratching my head," he informed the yohaig code Financial Times, external. Both [Amaya and William Hill] have a lot to sort out in their own organization. I'm really anxious on the future of William Hill."
Also on the FTSE 250, shares in Man Group leapt 13.7% after the world's greatest noted hedge fund stated it was buying investment manager Aalto, which handles home possessions worth $1.7 bn.
Man Group likewise reported a 6% rise in the worth of funds under management throughout the 3 months to September and stated it planned a $100m share buyback.
The blue-chip FTSE 100 index rose 35.81 indicate 7,013.55. Tesco was the biggest riser, up 4.41% to 203.7 p. The grocery store stated on Thursday night that it had actually fixed its prices row with provider Unilever. Shares in Unilever were down 0.5%.
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
