William Hill shares rise as investor turns down merger plan

Shares in William Hill have increased after the betting company's largest shareholder said it would oppose any merger deal with Canada's Amaya.

Last weekend William Hill stated it remained in talks to combine with Amaya, which owns poker websites Full Tilt and PokerStars, in a potential ₤ 4.5 bn bet9ja's welcome offer.

But Parvus Asset Management said the merger had "restricted strategic logic" and would "destroy investor value".

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

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

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

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

Also on the FTSE 250, shares in Man Group leapt 13.7% after the world's most significant noted hedge fund stated it was buying investment supervisor Aalto, which manages property possessions worth $1.7 bn.

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

The blue-chip FTSE 100 index increased 35.81 indicate 7,013.55. Tesco was the most significant riser, up 4.41% to 203.7 p. The grocery store stated on Thursday night that it had solved its prices row with provider 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