U.K. Bookmaker William Hill To Get More Time To Finalize Sportingbet Offer
Britain's largest bookmaker William Hill "will get more time to finalize" a proposed £530 ($843M) offer for online gaming group Sportingbet, according to Keith Weir of REUTERS. William Hill and smaller partner GVC Holdings "won provisional backing for the takeover proposal" from the Sportingbet board last month. The deadline to submit a formal offer is 5pm GMT on Tuesday, but sources said that it is "likely to be extended by four weeks to allow more time for due diligence." The "main prize" for William Hill is Sportingbet's operations in Australia. William Hill makes most of its revenues in Britain but is "expanding overseas and bought three businesses in the U.S. state of Nevada earlier this year." Sportingbet is a market leader in Australian telephone and online gaming, with the two accounting for almost 70% of the company's revenues last year (REUTERS, 11/12).