Following the announcement that Sportingbet first-quarter revenues fell by 35 per cent, William Hill has revised its offer by 5p a share to 56.1p.
Last week, Sportingbet reported that Q1 revenues were down to £38.8m from £59.9m and William Hill has reacted by dropping eight per cent from the share price offer.
The parties had until 5pm on Tuesday, December 4 to agree terms and have now been granted permission from the Takeover Panel to push the deal deadline back to December 18.
The revised price means the deal, which sees Sportingbet divided between William Hill and GVC Holdings, will be worth £485m instead of the £530m previously offered. The 56.1p offer comprises 44.8p in cash with a 1.1p dividend and a portion of a GVC share, worth approximately 10.15p.
