William Hill Abandons Merger Talks With Amaya (update)

UK gambling group walks away after consulting mainly dissenting shareholders

William Hill's GBP 4.5 billion merger talks with Canada's Amaya online gambling group were abandoned Tuesday in an announcement by the company that it had decided to walk away from the negotiating table following consultation with major shareholders.
Those consultations will almost certainly have been with major stakeholder Parvus Asset Management, which had earlier launched strong and very public opposition to the proposed deal, and was later supported in its criticism by former Will Hill CEO Ralph Topping.
In an open letter condemning the proposed merger, Parvus noted among other criticism that such an arrangement had "limited strategic logic and would destroy shareholder value".
In a statement Tuesday morning William Hill management said:
"After canvassing views from a number of William Hill's major shareholders, the board has decided that it will not pursue discussions with Amaya.
"Accordingly, the board has informed Amaya that it is withdrawing from discussions and wishes Amaya well for the future."
Earlier this year Will Hill rejected a merger approach by 888 Holdings and Rank Group.
Former Amaya CEO David Baazov, who has reportedly assembled a group of investors with a view to acquiring Amaya, has already indicated that he is still interested in negotiating a deal.

Online Casino News Courtesy of Infopowa

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Casinomeister

The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.

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