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In the Sights: William Hill and GVC Eyeball Sportingbet
The pair released a joint statement this afternoon, writing that “William Hill would acquire the Australian and certain other locally licensed businesses of Sportingbet” with GVC acquiring the remainder of the business.
Sportingbet has a sizeable 30 percent of the Australian online gaming market, which is responsible for about 90 percent of the firm’s total profits.
The statement continued: “The Boards of William Hill and GVC believe that by acting in combination they represent a highly credible possible offeror for the entire Sportingbet business, substantially in cash.”
Sportingbet released their own statement saying that no one has approached them regarding a possible purchase. They can probably expect to hear one soon, as October 16 is the deadline to issue a formal offer.