$/€ 888 Rejects Playtech’s $ 890 Million Takeover Offer
Kate Marshal
06 December 2023
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The gambling giant 888 Holdings has snubbed a takeover offer from its partner Playtech, saying it undervalued the company. The Sunday Times reported that Playtech proposed to buy 888 for £700 million (about $890 million) in July, but was turned down by 888’s CEO.
The Sunday Times also revealed that 888 was in talks with the U.S. company DraftKings over the summer, but no deal was reached.
Since then, 888’s market value has dropped by $381 million. The company has a debt of $3.55 billion.
888 is a British holding that owns brands like William Hill and 888poker. Playtech, another British company, is one of the leading providers of software and technology for online gaming and sports betting. The two companies have been partners since 2022, working together to expand their presence in the U.S. market.
The media speculates that 888’s financial troubles and falling stock price may attract more takeover bids from other gambling players. However, 888’s shares have already jumped by 18% after the news of Playtech’s offer.
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