Hills merger deal with Amaya cancelled
William Hill's proposed merger with Amaya has fallen through
PICTURE: David Dew Hills merger deal with Amaya cancelled By Keith Melrose 7:27AM 18 OCT 2016
IT HAS emerged that William Hill's proposed merger with Canadian firm Amaya has been cancelled after Hills withdrew from the deal.
The deal had been announced eight days earlier but concerns were raised by Hills' largest shareholder, Parvus Asset Management, late last week and it appears that those issues could not be rectified.
A statement released on Tuesday morning on behalf of interim CEO Philip Bowcock said: "At the time of the announcement on 10 October 2016, various exploratory due diligence and other workstreams were underway but far from complete.
"After canvassing views from a number of William Hill’s major shareholders, the Board has decided that it will not pursue discussions with Amaya. Accordingly, the Board has informed Amaya that it is withdrawing from discussions and wishes Amaya well for the future."
Parvus Asset Management had laid out its concerns in an open letter last week and, following news of the deal collapsing, Amaya took to their corporate blog to respond to what it called "inaccuracies regarding our business."
Amaya's main business is the Pokerstars site, which holds a dominant market share in online poker.