British online betting firm Sportingbet Plc (LON:SBT) said on Tuesday suitors William Hill Plc (LON:WMH) and GVC Holdings Plc (LON:GVC) had been granted an extension until 4 December to make a firm takeover offer for the company, after the parties agreed on terms of an increased proposal of some GBP530m (USD841.1m/EUR663m).
The previous deadline for an offer was set to expire on 13 November, the target company said, adding that the parties needed more time for their ongoing negotiations over a deal.
There is no guarantee that a firm offer will be made, Sportingbet warned.
The buyers proposed in October to raise their bid for Sportingbet to GBP0.611 a share, up from the previous offer of GBP0.525 apiece. The revised price per share includes GBP0.489 cash, GBP0.011 dividend in cash and 0.0475 new GVC Holdings stock, the target company has said.
The board of Sportingbet has said it would back such an offer if made and would recommend shareholders to accept it.
Gambling company William Hill plans to grow outside the UK and is eyeing Sportingbet’s activities in Australia and Spain, while smaller sector player GVC wants to take its operations in unregulated markets.