offer?19 Sep 2012 16:11
*DJ William Hill PLC Response To Recent Shr Price Movement
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September 19, 2012 09:58 ET (13:58 GMT)
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September 19, 2012 10:03 ET (14:03 GMT)
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LONDON-- William Hill PLC (WMH.LN), a U.K. bookmaker, said Wednesday that it and GVC Holdings PLC (GVC.LN) are in the preliminary stages of considering a possible joint offer for Sportingbet(SBT.LN).
MAIN FACTS:
-William Hill and GVC have committed to work exclusively with each other in this regard.
-It is currently envisaged that any possible offer would be structured such that when completed William Hill would acquire the Australian and certain other locally licensed businesses of Sportingbet and GVC would acquire the remaining parts of the Sportingbet business.
-Any offer would be substantially in cash with an element of GVC paper.
-William Hill intends that the entity initially acquiring the Regulated Businesses would be a subsidiary of William Hill and not William Hill Online.
-GVC and William Hill reserve the right to amend the terms and structure of the possible offer in due course.
-The Boards of William Hill and GVC believe that by acting in combination they represent a highly credible possible offeror for the entire Sportingbet business, substantially in cash.
-No formal approach has been made to the Board of Sportingbet and there can be no certainty that any offer will be forthcoming and nor as to the terms on which any offer might be made.
-William Hill and GVC must by 5.00 p.m. on Oct. 16 either announce a firm intention to make an offer for Sportingbet or announce that it does not intend to make an offer.
-William Hill shares at 1406 GMT down 1%, at 315 pence, valuing the company at GBP2.2 billion.
-Write to Mark Shapland at mark.shapland@dowjones.com
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September 19, 2012 10:09 ET (14:09 GMT)
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