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William Hill and GVC Holdings eye Sportingbet

UK bookmaking giant William Hill and online gaming provider GVC Holdings have revealed that they are considering a possible joint offer for Sportingbet.

In a statement released this afternoon, the pair confirmed that any possible offer would be structured so that on completion 'William Hill would acquire the Australian and certain other locally licensed businesses of Sportingbet' with GVC acquiring the remainder of the business.

Sportingbet has around a 30% share of the Australian online gaming market which provided the firm with around 90% of its profits.

"The Boards of William Hill and GVC believe that by acting in combination they represent a highly credible possible offeror for the entire Sportingbet business, substantially in cash," read the joint statement.

A separate release from Sportingbet confirmed that its board has received no approach. William Hill and GVC have until 16 October to announce a formal offer.

Shares in Sportingbet were up 16.53% to 51.00p at the close of trading today.

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