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What is interesting I put different wording into search engines and came across this but no Article was linked.
Is the 888 Holdings stock a buy after new DraftKings buyout. This happened when I covered Curry Plc's Greek sale. On that occasion, the story broke the day before the announcement but the Article was removed the title remained (Greek News Outlet on Advfn my post was).
It does not mean Draft Kings has put in a new bid but I do keep an eye out for News Articles on the USA side now.
Trouts what you said about the Board, you do know there have been a few changes since the old board.
Like new CEO, CFO, etc. Also to illustrate the 4/1/24 Casino Beats Article -
https://casinobeats.com/2024/01/04/888-ian-gallagher-chief-product-officer/
The last line may have some importance "2024 will see 888 undertake a corporate reorganisation led by Group CEO Per Widerström, who began the role in October 2023. The company’s board has vowed to return profitable growth to the business and maximize value creation. "
I'd take 156p tomorrow! Alas, that would mean the end of the gravy train for the BoD and much of the management team, so they would want more.
Who can argue with that assessment?
888 rejects £700mn Playtech approach
888 (888) shares rose by over 17 per cent in early trading after weekend reports said that the William Hill owner turned down a £700mn acquisition attempt from gambling technology business Playtech (PTEC) in July. According to The Sunday Times, a “written indicative approach” of 156p per share from Playtech was rejected by 888 for undervaluing it. Neither company has confirmed the story.
Numis analysts said that 888 “is arguably a sitting duck” for a takeover. The Financial Times reported last month that US gambling operator DraftKings held talks with 888 shareholders in the summer about making a possible bid for the company. 888 shares have fallen by almost a fifth over the past 12 months to trade at just over 80p.
The Bod turned down a 156p indicative written bid - surely that means that the BoD see the company at a much higher value.
https://www.lse.co.uk/news/press-888-rejects-gbp700-million-takeover-tilt-from-playtech-0zqavlp7b8ng7dp.html
Buying back sales seems a no brainer - moves up trim moves down buy back - rinse repeat - too risky to be out of this stock
Let's not forget someone thought it was worth buying £3m of these shares over Christmas. A huge buy.
The share price performed really well over Christmas recovering from a drop to 69p, to reach 97p.
What has brought on the slide back since Monday?
Was hoping we would have broken through the 100p barrier by end of January.
UK
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William Hill-owner 888 jumps on reports it rejected Playtech bid
Published: 09:50 04 Dec 2023 GMT
Written by: Jeremy Cutler
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888 Holdings PLC
LSE:888
888 Holdings PLC -
Shares in William Hill-owner 888 Holdings PLC leapt over 18% to 83.34p on Monday morning after The Sunday Times reported it was the target of a £700 million swoop by gambling tech provider Playtech PLC (LSE:PTEC).
Playtech made a written indicative approach to acquire 888 at a price of 156p a share in July, only for it to be rejected as undervaluing the company, the report said, citing City sources.
The report pointed out that since the board spurned Playtech’s approach, 888’s shares have fallen. They closed at 70.6p on Friday 1 December, valuing the business at little more than £300 million.
It noted the appointment in October of a new chief executive, the gambling industry veteran Per Widerström, has also failed to stop the rot with the company booted out of the FTSE 250 index last week.
In November, the Financial Times reported US gambling firm Draftkings Inc had discussed a bid for 888 over the summer with some of the UK betting operator’s top shareholders.
This is a old statement on another site, but we need to be kept upto date if their still in talks..
1st April 24
Interesting question it has been on the cards but as yet no firm offer as we know has been put forward. The GC Review seems a long drawn out. It seems 888 Holdings did say last year that it would not impact the License. Entain was resolved on 5/12/23. FS Gaming as a shareholder is covered by the Companies Act 2006 with any action by GC against them. So the GC Review seems pointless now and they should just come out soon or later with the announcement.
On the takeover speculation, no news is good news but looking over past Articles there is interest. On the share movement on trades that seems to indicate something is going on. Most of the Institutional Investors reduced their holdings but they were mainly ETF Funds. They sold their position due to 888 Holdings leaving 250 FTSE.
As I quoted "Top deals lawyers in the Square Mile say they have seen a flurry of interest from private equity [PE] houses through December, who are looking to audition potential advisors before a rush of demand at the start of 2024".
Any guesses when the take over is happing?
Wonder what happened today?
Was surprised to see that retraction after achieving buys up to 97.85p
You and me both. All mine in an ISA and trim and add. An easy add if it drops to 70p
MaryBr - the shorts must be experiencing a bit of pain over the last month with the come back of this SP?
Is there any more information due regarding the review ( as a result of FS gaming's involvement in 888 back in the summer)?
Would love to see this hit the heights it hit in the summer of 120/130. Once we break the 100p mark I'm hoping it takes off......or more takeover rumours surface.
The low 50s was the bargain of 2023
97 to buy. Bargain
Could we get there before the new year?
Too taxing over the festive period :)
HOWEVER IT WAS A £3 MILLION BUY - shout it from the rooftops.
Just rounded, when there was the 7mil UT the other day it was the same.
Can someone help me with the maths on that £3m buy.
I calculate the sp @ £1.014 if you divide the quantity by £3m.
Patrick - yea just seen this....near £3m at 94p......that's massive.
In fairness a lot of directors have huge investments in this share, anywhere from 80p to 105p..........and this £3m buy also provides me with huge confidence that something is going on behind the scenes.
Agree with Patrick. Will retest the 120p in the NY. As the debt becomes more manageable theis would seem to be in play.
Also seems to be a daily shake to entice PI sellers. Someone is hoovering up the stock at these levels.
Always on BID alert with this one.
The volume after hours relates to the closing auction. They are matched trades. These are people with direct market access, professional brokers.
In terms of why it then drops off, just the pattern of this share.
Recent large buy has just gone through at a recent high. 94p. This just seems an obvious ruse beyond 120p into the NY
Hi Mary,
Hope you are well and looking forward to Christmas.
I'm keen to know if you have any insight into the daily movements of the SP, and the large buys occurring every evening?
Do you have any idea why we open at least 3-4p higher every morning, then instantly drop off, and slowly regain a little bit every afternoon?
I've watched this share for a long time through highs of 125 to lows of 69, and it consistently has huge volume buys after 4.30pm.
But why does it drop from the higher opening point every day? Even yesterday it opened around 93p then went down to 88 and went back up to 93 mid afternoon and finished on 90.7.
I'm not complaining as it's been a steady rise again from 69p, but I'd love to have some understanding of the daily fluctuations.