The November 13 deadline for the proposed £530m acquisition of Sportingbet by William Hill and GVC Holdings is expected to be extended by four weeks.
William Hill and GVC Holdings secured provisional backing for the takeover bid from the Sportingbet board in October 2012, with a deadline for submitting a formal offer of 5pm GMT on Tuesday, November 13.
A four-week extension to that deadline is expected to be granted in order to enable completion of due diligence work relating to the deal.
Sportingbet’s businesses in Australia and Spain are key to the William Hill bid as Britain’s biggest bookmaker looks to increase its interests overseas. The Australian telephone and online gaming business accounted for 70 per cent of Sportingbet’s revenues last year.
