William Hill shares increase as investor rejects merger plan

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

Last weekend William Hill said it was in talk with combine with Amaya, which owns poker sites Full Tilt and PokerStars, in a prospective ₤ 4.5 bn deal.

But Parvus Asset Management said the yohaig code merger had "minimal strategic reasoning" and would "ruin shareholder worth".

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

Parvus said the betting company must think about 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 "completely supported" Parvus.

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

Also on the FTSE 250, shares in Man Group jumped 13.7% after the world's biggest listed hedge fund said it was purchasing investment supervisor Aalto, which handles home assets worth $1.7 bn.

Man Group likewise reported a 6% increase 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 yohaig code biggest 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%, versus the dollar.

Against the euro it was flat at EUR1.1083.

William Hill in ₤ 4.5 bn merger talks

9 October 2016