The deadline for a formal offer from William Hill and GVC Holdings for Sportingbet has been extended until Friday, December 21.
Initially the companies had until today (December 18) to wrap up the deal but given that an agreement is reportedly very close to being made, extra time was granted.
The sale of Sportingbet has been a rather drawn out affair with Ladbrokes having attempted to buy the company last year. The reason that that particular deal fell through was the concerns of Ladbrokes that Sportingbet’s operations in grey markets would spell trouble for them.
William Hill found a solution to this problem by making a joint bid with GVC Holdings. The premise of this bid is that Hills will take control of Sportingbet’s regulated operations in Australia while GVC Holdings will take the Turkish-facing aspects of the business.
The bid is reported to be worth £485 million with each Sportingbet share being valued at 56.1 pence each. The deal initially hit a stumbling block after Hills’ and GVC Holdings’ first bid was deemed to significantly undervalue the online sports bookmaker.
Should the deal go through then it will also include a new joint venture that Sportingbet has entered into today called Bonza Gaming. This company will be designing and operating social games. Sportingbet is already active in 26 countries and is believed to have around 700,000 current users.