Breaking News
FONT-SIZE Plus   Neg
Share SHARE

FT: William Hill To Start Talks With Playtech To Salvage Online JV

UK-based gaming and betting services provider William Hill Plc (WMH.L) will start talks with Playtech Ltd. (PTEC.L) on whether to salvage their online joint venture William Hill Online, after relations between the two companies broke down last year, the Financial Times reported Sunday.

Playtech, a provider of software and content to online and land-based gaming industry, has been William Hill's online partner after it acquired a stake in WHO for 250 million euros in 2008.

The stake was acquired by Playtech in return for providing the software for online casino and poker games to lure customers to WHO. Playtech owns 29 percent of WHO.

According to the FT report, William Hill and Playtech will now start talks, seeking to either end their joint venture or find "a third way". William Hill is reportedly seeking to gain strategic control over WHO by ending Playtech's veto over acquisitions.

In November 2011, William Hill announced that it does not intend to make a takeover bid for Probability plc (PBTY.L), after reportedly being vetoed by Playtech.

The FT report noted that William Hill also intends to obtaining a commitment from Playtech not to work with its rival Ladbrokes plc (LAD.L).

William Hill confirmed in March 2011 that it took an interim injunction to prevent Playtech from selling its stake in WHO, following a court hearing. In November this year, William Hill has the opportunity to activate a call option to end the joint venture, by buying out Playtech's stake.

WMH.L closed Friday's trading on the LSE at 239.20 pence, up 4.00 pence or 1.70 percent on a volume of 2.46 million shares. PTEC.L closed trading at 312.54 pence, up 1.29 pence or 0.41 percent on a volume of 0.54 million shares.

Register
To receive FREE breaking news email alerts for William Hill PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.