{"id":3899,"date":"2023-12-06T07:37:58","date_gmt":"2023-12-06T07:37:58","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=3899"},"modified":"2023-12-06T07:37:59","modified_gmt":"2023-12-06T07:37:59","slug":"888-%d1%81ircled-by-rivals-as-lse-share-price-slumps-to-70p","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2023\/12\/06\/888-%d1%81ircled-by-rivals-as-lse-share-price-slumps-to-70p\/","title":{"rendered":"888 \u0421ircled by Rivals as LSE Share Price Slumps to 70p"},"content":{"rendered":"\n

Playtech Plc<\/strong> is reported to have tabled a \u00a3700m offer to acquire embattled LSE rival 888 Holdings<\/strong>.<\/p>\n\n\n\n

As reported by The Sunday Times<\/strong> this weekend, FTSE 250-listed Playtech\u2019s \u201c\u00a3700m swoop for 888 Holdings\u201d was rejected by the board as \u201cundervaluing the company\u201d, according to City sources.<\/p>\n\n\n\n

The approach is reported to have taken place in July, with Playtech valuing its offer at a price of 156p per share, seeking to tempt 888\u2019s board into proposing a sale to investors.<\/p>\n\n\n\n

The article emphasised \u2018fresh pressure\u2019 on Chairman Lord Mendelsohn<\/strong> to arrest the freefall in 888\u2019s share price, which has plummeted to 70p since Playtech\u2019s reported approach, with 888\u2019s corporate value now standing at just over \u00a3300m.<\/p>\n\n\n\n

In 2023, the former chief political strategist of Tony Blair\u2019s New Labour government, Lord Mendelsohn, has been firefighting major problems at 888, which led to the board removing former CEO Itai Pazner, amid an AML controversy involving the handling of Middle Eastern VIP accounts.<\/p>\n\n\n\n

As of October, 888 has embarked on a strategic review led by new CEO Per Widerstr\u00f6m<\/strong>. A comprehensive assessment is expected concerning the company\u2019s declining online performance, its strategy following the William Hill acquisition, its stagnant US joint-venture with Sports Illustrated, and the cost control exposure of its +1,400 UK betting shop network.<\/p>\n\n\n\n

The plunge in 888\u2019s share price reflects the company\u2019s struggles since its leveraged \u00a32bn acquisition of William Hill Plc, announced in September 2021 and completed a year later.<\/p>\n\n\n\n

As a target of Playtech, The Times article stated that the bidder had plans to amalgamate 888\u2019s brands with its SNAI Italia business, with the prospect of potentially forming a separate B2C business.<\/p>\n\n\n\n

Playtech governance is reported to have identified \u201cpotential savings of up to \u00a3170 million\u201d from integrating its business with 888 Holdings, although this figure has not been recognised within Playtech.<\/p>\n\n\n\n

As 888 proceeds with its strategic review, City analysts consider the embattled LSE gambling group a vulnerable M&A target. Suitors include DraftKings, who were rumoured to have discussed a bid for the company as a springboard into UK gambling.<\/p>\n\n\n\n

Don\u2019t forget to subscribe to our Telegram-channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Playtech Plc is reported to have tabled a \u00a3700m offer to acquire embattled LSE rival 888 Holdings. As reported by The Sunday Times this weekend, FTSE 250-listed Playtech\u2019s \u201c\u00a3700m swoop for 888 Holdings\u201d was rejected by the board as \u201cundervaluing the company\u201d, according to City sources. The approach is reported to have taken place in […]<\/p>\n","protected":false},"author":6,"featured_media":3900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[21,1],"tags":[224,6040,6037,6051,6044,6049,6034,6036,6047,6035,6050,6042,6045,6038,6046,6041,6039,6043,6048],"class_list":["post-3899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-features","category-news","tag-888-holdings","tag-acquisition-offer","tag-aml-controversy","tag-b2c-business","tag-betting-shop-network","tag-business-amalgamation","tag-ceo-change","tag-chairman-lord-mendelsohn","tag-company-valuation","tag-corporate-strategy","tag-cost-control","tag-ftse-250","tag-london-stock-exchange","tag-online-performance","tag-playtech-plc","tag-share-price-decline","tag-strategic-review","tag-us-joint-venture","tag-william-hill-acquisition"],"yoast_head":"\n888 \u0421ircled by Rivals as LSE Share Price Slumps to 70p - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2023\/12\/06\/888-\u0441ircled-by-rivals-as-lse-share-price-slumps-to-70p\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"888 \u0421ircled by Rivals as LSE Share Price Slumps to 70p - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Playtech Plc is reported to have tabled a \u00a3700m offer to acquire embattled LSE rival 888 Holdings. 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