William Hill puts in £242 million bid for MRG
Deal will likely be finalised in December
William Hill has put in an offer of £242 million for MRG. The bid, which was recommended for shareholder acceptance by the MRG board, stands at SEK69 in cash per share and was made through William Hill Holdings.
MRG, which includes brands such as Mr Green and Redbet, currently operates in 13 markets – including Denmark, Italy, Latvia and Malta. The takeover aims to strengthen William Hill’s international business and increase online penetration. The bid follows a scheduled increase in online gaming tax, as set out by the British government this week.
“This proposed acquisition accelerates the diversification of William Hill, immediately making us a more digital and more international business.
MRG will provide William Hill with an international hub in Malta with market entry expertise and strong growth momentum in a number of European countries. William Hill will move from a single brand to a suite of brands that can maximise growth opportunities moving forward in new and existing markets,” said Philip Bowcock, CEO of William Hill.
An official document sealing the deal will likely be published at the beginning of December, with an acceptance period running from December 10th to January 11th before the deal is completed.
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