Update: Sportingbet Refuses Second Will Hil/GVC Offer

The latest development in the William Hill and GVC Holdings' takeover bid for Aussie operator Sportingbet includes reports that the duo's second informal bid has been rejected.

The first bid of 52.5p per share was immediately refused by Sportingbet as significantly under-valuing, but it seems that the new, 55p per share offer seems too low for Sportingbet which rejected it in expectation of a minimum 60p per share or even more, since it was valued at 90p per share by Numis Securities.

And while the two companies have until Tuesday 17h00 to make a firm offer for Sportingbet, they are still looking to iron out the differences and reach an agreement with Sportingbet asap. However, it has been specified by an unidentified source that "valuations are still some way apart". The final development will be closely followed, as there are now many parties interested in Sportingbet shares.

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