william-hill-shares-rise-as-investor-rejects-merger-plan

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William Hill shares increase as financier turns down merger strategy

Shares in William Hill have risen after the wagering company's biggest it would oppose any merger deal with Canada's Amaya.

Last weekend William Hill stated it remained in talks to combine with Amaya, which owns poker websites Full Tilt and PokerStars, in a potential ₤ 4.5 bn deal.

But Parvus Asset Management stated the merger had "minimal strategic reasoning" and would "damage investor value".
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Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
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Parvus said the wagering company must think about other all options to maximise investor returns, including a possible sale.
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Ralph Topping, who stepped down in 2014 after 8 years as chief executive of William Hill, said he "fully supported" Parvus.

"When this bet9ja's welcome offer was revealed 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 extremely distressed on the future of William Hill."
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Also on the FTSE 250, shares in Man Group jumped 13.7% after the world's biggest listed hedge fund said it was buying investment manager Aalto, which handles home assets worth $1.7 bn.
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Man Group also reported a 6% rise in the worth of funds under management throughout the 3 months to September and said it prepared a $100m share buyback.
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The blue-chip FTSE 100 index increased 35.81 indicate 7,013.55. Tesco was the greatest riser, up 4.41% to 203.7 p. The supermarket stated on Thursday night that it had solved its pricing row with provider Unilever. Shares in Unilever were down 0.5%.
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On the currency markets, the yohaig code 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