William Hill owner 888 has rejected a takeover by a gambling software company this summer, it has been revealed.
The gambling giant received a £700 million written offer from Playtech in July.
But the offer – a price of 156 cents per share – was deemed too low for the company, according to The Sunday Times.
Shares in 888 have fallen 30 per cent in the past year, closing at 70.6p last week.
The company's bosses, Labor peer Lord Mendelsohn and gambling industry veteran Per Widerstrom, were dealt a blow when 888 was delisted from the FTSE 250.
Too low: Gambling giant 888 received a £700m written offer from Playtech in July
888 owns a slew of online bingo and casino companies under its flagship brand. It earned almost £2 billion from bookmaker William Hill in 2022. It has been hit by new gambling regulations in recent months.
Turnover fell to £405 million in the three months to the end of September from £449.4 million in the same period a year earlier. Its UK and Irish operations fell 10 percent to £157.2 million.