888 co-founder family sell entire stake in company

888 Holdings has seen its UK-Listed share price tumble following the family of co-founder of the company sold their entire stake in the online gambling company.

The family of the late Aharon Shaked who co-found 888 used the O Shaked Shares Trust to sell their entire 46.3 million shares netting them £112 million which represented 12.9% of the total shares in the firm.

Only in June the same trust run by the family sold 40 million shares bringing in £108 million, it is unclear why the family has now completely left the business. Only recently 888 were hit with a massive £7.8 million fine by the UK Gambling Commission (UKGC) for their failure to protect problem gamblers with their systems which is supposed to recognize gamblers with issues.

Avi Shaked the only remaining co-founder has any significant share left in the company with 24% stake. With the news of the sell off by the Shaked family shares in 888 Holdings fell by just over 6% to 242p, they were at a year high of 300p.

With the sell-off of shares many observers believe a potential takeover is coming to 888 Holdings, back in 2015 William Hill went for the online gambling company with a 200p a share offer but at that time it was reported the Shaked family wanted 300p per share so the deal fell through.

Now could William Hill look to go again or maybe even GVC?