888 co-founders selling off shares in company
The Financial Times has been reporting that co-founders the Ben-Yitzhak brothers have sold a £57 million stake in the public listed company bringing down their share from 10.4% to below 3% in what is the threshold to announce such a sell-off of shares. Many observers see the move to have the sale announced as putting pressure on the other major shareholders, the Shaked family.
Interestingly the shares that were sold got 205p a share, which is just slightly over the price former suitor William Hill offered earlier in the year when it was refused by what is believed to be the Shaked family.
Avi Shaked one of the original founders of 888 wanted 300p per share for 888 when William Hill offered 200p and so the talks collapsed and ever since the Ben-Yitzhak brothers have questioned the long term future of 888 and now seems they are looking to move the majority of their involvement out.
It is understood that the Shaked family are more focused on a merger between companies rather than a full buy-out and the possibility of a renewed deal with William Hill who are having their own difficulties in falling revenues looks as distant as ever.