In the ever changing world of gaming there are often times when you wonder just how much money a company does have to part with in an attempt to purchase a rival, and William Hill who have been hunting around for a suitable online gaming company to buy out have decided the price was not right for them to buy out the huge and mighty 888 Gaming Group.
William Hill, under the direct of their new CEO that being James Henderson, have suitable cash reserves to buy out one of their main online competitors and they put in a bid for 2.00 per share which was deemed not as high as the CEO of 888 Gaming had been demanding.
The ideal price Brian Mattingley the CEO of 888 Gaming has been looking for was 3.00 per share and as such both parties have now decided to stop any further discussion on a possible buyout. This decision has had an instant impact on the share price of 888 Gaming with it dropping in value whilst the opposite has happened in regards to the price of William Hill shares.
It would therefore be the case that stock traders had decided William Hill’s offer was too high, for it would have cost a total of £720million for William Hill to go through with buying 888, and as such they are now still on the hunt for another suitable company to take over.
William Hill are doing quite well in regards to both their online and land based gaming divisions which is in stark contrast to Ladbrokes who really are suffering at the minute with income down and profits likely to be stunted.
In regards to which other online gaming companies that William Hill may start to turn their attention to that is of course anyone’s guess, however this sloes mean that as soon as they set their sights on one the share value in that company may start to increase.
