William Hill shares increase as investor rejects merger strategy

Shares in William Hill have increased after the wagering business's biggest shareholder stated it would oppose any merger offer with Canada's Amaya.

Last weekend William Hill said it remained in speak to merge with Amaya, which owns poker sites Full Tilt and PokerStars, in a possible ₤ 4.5 bn bet9ja's welcome offer.
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But Parvus Asset Management said the merger had "minimal tactical logic" and would "ruin investor value".
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Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.
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Parvus stated the wagering company should consider other all alternatives to increase investor returns, including a possible sale.
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Ralph Topping, who stepped down in 2014 after eight years as primary executive of William Hill, said he "fully supported" Parvus.
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"When this promotion code bet9ja's welcome offer was announced I was left scratching my head," he informed the Financial Times, . Both [Amaya and William Hill] have a lot to figure out in their own business. I'm very anxious on the future of William Hill."

Also on the FTSE 250, shares in Man Group leapt 13.7% after the world's biggest noted hedge fund stated it was buying investment manager Aalto, which manages home assets worth $1.7 bn.
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Man Group also reported a 6% rise in the worth of funds under management throughout the three months to September and said it planned a $100m share buyback.

The blue-chip FTSE 100 index rose 35.81 indicate 7,013.55. Tesco was the most significant riser, up 4.41% to 203.7 p. The supermarket said on Thursday night that it had fixed its rates row with supplier Unilever. Shares in Unilever were down 0.5%.
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On the currency markets, the pound was trading at $1.2185, down 0.56%, against the dollar.
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Against the euro it was flat at EUR1.1083.
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William Hill in ₤ 4.5 bn merger talks

9 October 2016
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