Israeli Owned Gambling Site 888 Rejects William Hill $1.07 Billion Takeover Offer

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888 majority share holder Avi Shaked (L)

There will not be a takeover of Israeli owned online gambling company 888 Holdings by William Hill, the biggest gambling outfit in the U.K., because a major 888 shareholder rejected the offered price of $1.07.

William Hill’s offered 200 pence a share for 888, but a “significant difference of opinion” killed the talks, 888 said in a statement.

The news of William Hill’s interest in the purchase caused 888 shares to rise more than 20%.

“Due to a significant difference of opinion on value with a key stakeholder, it has not been possible to reach agreement on the terms of a possible offer and the board of the company has agreed with William Hill to terminate discussions, ” 888 announced.

H888 was founded by the Ben-Yitzhak and Shaked families. The Shaked piece is 48.6 per cent, split between Avi Shaked and his late brother’s offspring. The Ben-Yitzhak family own an estimated 10.5 per cent.

It was the Shaked side which reportedly objected to William Hill’s offered price. They insisted, according to an earlier report, on a price that hovered around $1.3 billion.

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