According to a report released by the Sunday Times, 888 Holdings rejected a £700 million (approximately $890 million) bid from software provider Playtech in the summer. 888 Holdings helps operate the US betting platform SI Sportsbook.
At the time, Playtech made a written bid to acquire the company at 156p (approximately $1.97) per share on the London Stock Exchange. The report estimated the overall value of the company at roughly £300 million (approximately $379 million). The slump resulted in 888 Holdings being removed from the FTSE 250 last week.
Playtech supplies a range of live dealer games and slots to some of the biggest online casinos in the US, including betPARX, FanDuel, and Caesars. The company is listed on the FTSE 250 and traded on the London Stock Exchange.
However, since news of the attempted takeover has been released, shares in 888 Holdings have actually increased, currently standing at around 81p (approximately $1.02) per share.
This isn’t the only takeover bid 888 Holdings has been subject to, with reports that DraftKings also tried to acquire the company earlier this year.
Those negotiations were brought to a halt as the UK Gambling Commission (UKGC) started an investigation into the owner of an investment group that took a 6.57% stake in 888 Holdings. This investment group included the former CEO of GVC, Kenny Alexander.
888 Holdings has had a presence in the US for over a decade, launching its 888poker product in New Jersey in 2013. It also went live with its online sportsbook, 888sport, in 2018. 888sport has since been rebranded as SI Sportsbook and is available in Colorado, Michigan, and Virginia. 888poker is no longer operational in the US.
The company also acquired William Hill’s international assets outside of the US from Caesars Entertainment for close to $800 million in 2022.
