William Hill and GVC get deadline extension for Sportingbet offer period

Online betting firm Sportingbet edged higher after William Hill and GVC Holdings were granted an extension to their offer deadline until December 4th this year.

The two companies had previously been told that they were required to either announce a firm intention to make an offer for Sportingbet or announce they do not intend to make an offer by November 13th.

Sportingbet previously rejected an indicative joint offer from sector peers William Hill and GVC Holdings for 52.5p per share.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The company said at the time that the offer - comprising of 45p in cash from William Hill and 7.5p in shares in GVC - was not high enough.

Following this, GVC was granted a temporary suspension of trading after the agreement of a revised and increased possible offer on October 16th.

Sportingbet's shares climbed 0.99% to 51p by 13:00 on midday.

NR