888 Holdings PLC has rejected a £700m takeover bid from gaming software provider Playtech.
According to the Sunday Times, Playtech made an approach in July, launching an offer of 156 pence per share.
However, 888 appointed Per Widerstrom as its new CEO in July, after a bit of turbulence in the previous months.
Former CEO Itai Pazner stepped down in January, around the same time 888 reported suspending some activities in the Middle East. This was because it was undergoing a customer compliance investigation.
Therefore, 888 Holdings shares rose 19% in London this Monday. However, shares are down 17% over the past 12 months. While Playtech shares rose 3.2%.
About 888 Holdings
It is one of the world’s leading betting and gaming companies. In 2022, the group acquired the international (non-US) business of William Hill to create a global brand.
Incorporated in Gibraltar and headquartered and listed in the United Kingdom, the group operates from offices around the world and employs over 11,000 people worldwide.
888’s mission is to lead the gaming world in creating the best betting and gambling experiences, bringing unparalleled moments of excitement into people’s everyday lives.
The company achieves this by developing cutting-edge technology and content-rich products that deliver fun, fair and safe betting and gaming entertainment to customers around the world.
The group owns and operates internationally renowned brands, including William Hill, 888casino, 888sport, 888poker and Mr Green. Additionally, the group operates the SI Sportsbook and SI Casino brands in the US in partnership with Authentic Brands Group.
Playtech is the world’s largest provider of online gaming software, traded on the London Stock Exchange main market, offering cutting-edge, value-added solutions to industry-leading operators.
Since Playtech’s creation in 1999, its approach has been centered on continually developing the best gaming products and content, and its success is based on strong partnerships with our licensees.