William Hill Shares Rise As Investor Rejects Merger Plan

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William Hill shares rise as investor turns down merger strategy
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Shares in William Hill have risen after the wagering business's biggest investor said it would oppose any merger handle Canada's Amaya.
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Last weekend William Hill stated it was in speak with merge with Amaya, which owns poker websites Full Tilt and PokerStars, in a potential ₤ 4.5 .


But Parvus Asset Management said the merger had "minimal tactical reasoning" and would "damage shareholder worth".


Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.


Parvus said the betting firm needs to think about other all choices to increase shareholder returns, consisting of a possible sale.
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Ralph Topping, who stepped down in 2014 after eight years as chief executive of William Hill, said he "completely supported" Parvus.
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"When this promotion code bet9ja's welcome offer was announced I was left scratching my head," he told the Financial Times, external. Both [Amaya and William Hill] have a lot to arrange out in their own company. I'm very anxious on the future of William Hill."
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Also on the FTSE 250, shares in Man Group leapt 13.7% after the world's biggest listed hedge fund said it was purchasing investment supervisor Aalto, which handles home possessions worth $1.7 bn.
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Man Group likewise reported a 6% rise in the value of funds under management throughout the 3 months to September and said it prepared a $100m share buyback.


The blue-chip FTSE 100 index increased 35.81 points to 7,013.55. Tesco was the greatest riser, up 4.41% to 203.7 p. The supermarket stated on Thursday night that it had solved its rates row with supplier Unilever. Shares in Unilever were down 0.5%.
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On the currency markets, the pound was trading at $1.2185, down 0.56%, versus the dollar.
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Against the euro it was flat at EUR1.1083.
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William Hill in ₤ 4.5 bn merger talks


9 October 2016