Deals
William Hill’s Largest Investor Parvus Opposes Amaya Merger
- Parvus says transaction would destroy shareholder value
- Activist investor says bookmaker should pursue sale instead
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William Hill Plc’s largest investor has come out against its proposed merger with PokerStars owner Amaya Inc., saying the U.K. bookmaker should pursue a sale instead.
Parvus Asset Management, a London-based activist investor that owns more than 14 percent of William Hill, said it was “extremely concerned” by the potential combination with the Canadian online gambling company, which had “limited strategic logic” and would destroy shareholder value. Amaya’s core poker business would weaken William Hill’s position in the market as that business is unattractive, Parvus said in a letter to William Hill’s board.