William Hill is searching for companies to acquire in the fast growing mobile gaming market. On September 19, the British bookmaker confirmed that one potential candidate is Probability, which provides gambling platforms to mobile phones and other hand-held electronic devices.
The two companies have now been given until November 14 to reach a potential takeover agreement.
According to a statement to the London Stock Exchange: “Discussions between the parties are continuing. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.”
Probability, founded by Charles Cohen and John Scaife in 2003, is valued at £13 million, though William Hill could pay a significant premium for the business.
William Hill shares are trading near 52-week highs on the news. The stock has increased more than 40% so far this year.