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William Hill shares increase as financier rejects merger strategy
Shares in William Hill have increased after the betting company's biggest investor stated it would oppose any merger bet9ja's welcome offer with Canada's Amaya.
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Last weekend William Hill stated it remained in talks to merge with Amaya, which owns poker websites Full Tilt and PokerStars, in a potential ₤ 4.5 bn offer.
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But Parvus Asset Management said the merger had "minimal tactical reasoning" and would "damage investor value".
Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
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Parvus said the wagering firm should consider other all alternatives to maximise shareholder returns, including a possible sale.
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Ralph Topping, who stepped down in 2014 after 8 years as primary executive of Hill, said he "totally supported" Parvus.
"When this promotion code offer was announced I was left scratching my head," he informed the Financial Times, external. Both [Amaya and William Hill] have a lot to figure out in their own organization. I'm very distressed on the future of William Hill."
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Also on the FTSE 250, shares in Man Group leapt 13.7% after the world's biggest noted hedge fund said it was buying investment supervisor Aalto, which manages residential or commercial property possessions worth $1.7 bn.
Man Group also reported a 6% increase in the value of funds under management throughout the 3 months to September and stated it planned a $100m share buyback.
the yohaig code blue-chip FTSE 100 index rose 35.81 points to 7,013.55. Tesco was the greatest riser, up 4.41% to 203.7 p. the yohaig code supermarket said on Thursday night that it had actually solved its pricing row with supplier Unilever. Shares in Unilever were down 0.5%.
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On the currency markets, the pound was trading at $1.2185, down 0.56%, against the dollar.
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Against the euro it was flat at EUR1.1083.
William Hill in ₤ 4.5 bn merger talks
9 October 2016
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William Hill Shares Rise As Investor Rejects Merger Plan
magaretknudson edited this page 3 months ago