William Hill Shares Rise As Investor Rejects Merger Plan
William Hill shares increase as investor turns down merger strategy
Shares in William Hill have increased after the betting business's biggest investor said it would oppose any merger offer with Canada's Amaya.
Last weekend William Hill stated it was in speak to combine with Amaya, which owns poker sites Full Tilt and PokerStars, in a prospective ₤ 4.5 bn offer.
But Parvus Asset Management stated the merger had "restricted tactical logic" and would "damage investor value".
Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus said the wagering firm must think about other all alternatives to maximise shareholder returns, consisting of a possible sale.
Ralph Topping, who stepped down in 2014 after 8 years as chief executive of William Hill, said he "fully supported" Parvus.
"When this offer was announced I was left scratching my head," he informed the Financial Times, external. Both [Amaya and William Hill] have a lot to figure out in their own company. I'm very distressed on the future of William Hill."
Also on the FTSE 250, shares in Man Group jumped 13.7% after the world's biggest listed hedge fund said it was buying financial investment supervisor Aalto, which handles home assets worth $1.7 bn.
Man Group also reported a 6% increase in the value of funds under management during the three months to September and stated it planned a $100m share buyback.
The blue-chip FTSE 100 index rose 35.81 indicate 7,013.55. Tesco was the biggest riser, up 4.41% to 203.7 p. The supermarket said on Thursday night that it had actually fixed its prices row with supplier Unilever. Shares in Unilever were down 0.5%.
On the currency markets, the pound was trading at $1.2185, down 0.56%, versus the dollar.
Against the euro it was flat at EUR1.1083.
William Hill in ₤ 4.
William Hill shares increase as investor turns down merger strategy
Shares in William Hill have increased after the betting business's biggest investor said it would oppose any merger offer with Canada's Amaya.
Last weekend William Hill stated it was in speak to combine with Amaya, which owns poker sites Full Tilt and PokerStars, in a prospective ₤ 4.5 bn offer.
But Parvus Asset Management stated the merger had "restricted tactical logic" and would "damage investor value".
Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
Parvus said the wagering firm must think about other all alternatives to maximise shareholder returns, consisting of a possible sale.
Ralph Topping, who stepped down in 2014 after 8 years as chief executive of William Hill, said he "fully supported" Parvus.
"When this offer was announced I was left scratching my head," he informed the Financial Times, external. Both [Amaya and William Hill] have a lot to figure out in their own company. I'm very distressed on the future of William Hill."
Also on the FTSE 250, shares in Man Group jumped 13.7% after the world's biggest listed hedge fund said it was buying financial investment supervisor Aalto, which handles home assets worth $1.7 bn.
Man Group also reported a 6% increase in the value of funds under management during the three months to September and stated it planned a $100m share buyback.
The blue-chip FTSE 100 index rose 35.81 indicate 7,013.55. Tesco was the biggest riser, up 4.41% to 203.7 p. The supermarket said on Thursday night that it had actually fixed its prices row with supplier Unilever. Shares in Unilever were down 0.5%.
On the currency markets, the pound was trading at $1.2185, down 0.56%, versus the dollar.
Against the euro it was flat at EUR1.1083.
William Hill in ₤ 4.