Business

William Hill and 888 end takeover talks

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William Hill and online rival 888 have ended discussions over a possible takeover after an 888 shareholder rejected the offer as too low.

William Hill had offered 200 pence a share for 888, which would have valued the company at more than £700m.

However, a "significant difference of opinion" derailed talks, 888 said.

888's shares jumped more than 20% last week after it said it had received a takeover approach. But the shares fell 14% on news that have been scrapped.

Shares in William Hill rose 0.6% on the news.

"Due to a significant difference of opinion on value with a key stakeholder, it has not been possible to reach agreement on the terms of a possible offer and the board of the company has agreed with William Hill to terminate discussions," 888 said.

The Times, which first reported the bid, said last week that one of 888's big investors was holding out for a higher offer. It said one of 888's Israeli founders, thought to be the Shaked family, wanted 300p a share.

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