William Hill shares increase as financier declines merger strategy

Shares in William Hill have increased after the wagering business's biggest shareholder said it would oppose any merger bet9ja's welcome offer with Canada's Amaya.

Last weekend William Hill said it was in speak with merge with Amaya, which owns poker sites Full Tilt and PokerStars, in a potential ₤ 4.5 bn offer.

But Parvus Asset Management stated the merger had "minimal tactical reasoning" and would "ruin shareholder worth".

Shares in William Hill - a FTSE 250 member - closed up 5% at 314.1 p.

Parvus stated the wagering firm needs to consider other all alternatives to maximise investor returns, including a possible sale.

Ralph Topping, who stepped down in 2014 after 8 years as chief executive of William Hill, stated he "totally supported" Parvus.

"When this promotion code offer was announced I was left scratching my head," he informed the Financial Times, external. Both [Amaya and William Hill] have a lot to arrange out in their own service. I'm really nervous on the future of William Hill."

Also on the FTSE 250, shares in Man Group jumped 13.7% after the world's greatest listed hedge fund stated it was buying financial investment manager Aalto, which manages home assets worth $1.7 bn.

Man Group likewise reported a 6% rise in the worth of funds under management during the 3 months to September and said it planned a $100m share buyback.

The blue-chip FTSE 100 index increased 35.81 points to 7,013.55. Tesco was the greatest riser, up 4.41% to 203.7 p. The grocery store stated on Thursday night that it had actually resolved its pricing row with supplier Unilever. Shares in Unilever were down 0.5%.

On the currency markets, the pound was trading at $1.2185, down 0.56%, against the dollar.

Against the euro it was flat at EUR1.1083.

William Hill in ₤ 4.5 bn merger talks

9 October 2016