Shares in 888 Holdings soared today after Caesars Entertainment agreed to sell William Hill's non-US assets to the firm for up to £250million less than previously agreed.

shot up 16.8 per cent to £2.31 on Thursday, making the group the top riser on the London Stock Exchange's FTSE 350 Index.

When the online betting brand originally struck a deal to purchase William Hill's international business from the American hotel and casino giant in September last year, it landed on a price tag of £2.2billion. 

Acquisition: When 888 Holdings originally struck a deal to purchase William Hill's international business from Caesars Entertainment last year, it agreed a price tag of £2. If you have any sort of inquiries concerning where and how to make use of บาคาร่าออนไลน์, you could contact us at our web-page. 2billion

But now, the offer price has been cut to between £1.95billion and £2.05billion, which 888 Holdings said reflected the changing economic and regulatory conditions conditions affecting William Hill.

This includes a current licence review being undertaken by the UK Gambling Commission, alongside an analysis of betting laws by the UK Government that could lead to much tougher regulations being imposed on the British betting industry.

And rather than partially financing the takeover through a capital raise, the Gibraltar-based firm stated it would instead issue upwards of 71 million shares, equivalent to 19 per cent of its share capital, via an accelerated bookbuild.

Further funding is coming from a revolving credit facility of £150million, while about £2.1billion of debt financing has been guaranteed by major banks, including Barclays, J.P.

Morgan and Morgan Stanley.

Under the terms of the new arrangement, the cash amount that Caesars will immediately receive$50million on last year when Covid-19 lockdown restrictions prevented punters from visiting betting stores and encouraged more of them to place bets online.

The gambling group added that the decline reflected the temporary closure of its services in the Netherlands, where a new online gambling license regime has come into force, and the impact of regulatory and compliance factors.

It could face additional regulations in the UK, where proposals to reform the Gambling Act are set to be outlined later this year following years of concerns regarding the harmful effects of betting addiction.