Sportingbet saw first quarter revenues decline 35% in comparison to 2011 Q1 numbers, driving down the company's value in the eyes of potential purchasers, eGaming Review reported. William Hill CEO Ralph Topping was able to nudge the price down from 61.1 pence a share, where it stood prior to the release of first quarter results.
The current offer has not been established as firm, however, as Sportingbet has requested an extension of time until Dec. 18 to "enable the parties to conclude their ongoing discussions", a statement said. Also being considered in the revised plan is the percentage of either cash or shares of GVC Holdings that Sportingbet stockholders would receive.
In other William Hill news, the company has confirmed its withdrawal from the Greek market, citing an "economically unattractive" environment that is "inconsistent with European law."
Players on William Hill's Greek-language website have been informed of the departure. William Hill follows the lead of Betfair, who also exited Greece prior to the country's gaming commission's notice that unlicensed operators should pull out by Dec. 5. Like Betfair, William Hill issued a statement saying, "until greater clarity is received, it has taken the decision to withdraw from this market."