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Sportingbet Turns Down William Hill Offer

Company believes offer is 'undervalued'

Online gambling operator Sportingbet Plc wants a better deal.

The company turned down a joint buyout offer of $564.9 million by online giant William Hill Plc and GVC Holdings Plc, saying the bid “significantly undervalues” the company.

“The board of Sportingbet has responded that this indicative offer significantly undervalues the business and its future prospects,” the company said in a statement last month.

Sportingbet did not reject the offer outright, but has left the door open for a higher bid.

As negotiations continue behind the scenes, Sportingbet officials said a “further announcement will be made in due course.”

U.K. gaming giant William Hill is looking to acquire Sportingbet’s regulated assets in Australia and Spain. The company is looking to get back into the Australian market since it closed its online wagering business in June as its license application was pending with Nevada gaming regulators. That process netted William Hill U.S. 159 sports books and kiosks in Nevada.

Sportingbet operates sports books in Australia and Spain as well as in the United Kingdom and other jurisdictions worldwide. In addition, the company owns virtual games, casino websites and online poker. Sportingbet was almost acquired by Ladbrokes Plc last year, but the deal fell apart.

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