Sportingbet ‘snubs £350m takeover’

Online gambling firm Sportingbet has snubbed a £350m takeover proposal from Britain’s biggest bookmaker William  Hill, reports said yesterday.

Sportingbet is understood to have rejected a 52.5p a share proposed bid from Hill, which has teamed up with European gaming company GVC for the deal.

The market will be looking for details from Sportingbet when it reports full-year results on Wednesday.

Sportingbet, which was previously a bid target for bookmaker Ladbrokes, has seen its shares surge around 16 per cent since speculation over the talks was confirmed.

It is thought any possible offer would be structured so that William Hill would acquire the  Australian and certain other  locally licensed businesses of Sportingbet, while GVC would acquire the remaining parts of the business.

William Hill, which employs around 3,000 staff in Yorkshire, and GVC must make a firm intention to make an offer for  the online gaming firm by October 16.