Sportsbet, Ladbrokes and bet365, file bids for William Hill Australia
William Hill’s future in Australia is expected to be known by the end of this week after takeover bids were tabled on Monday.
The Australian Financial Review is reporting that four bids were forthcoming for William Hill’s Australian business, with offers in the range of $200 million.
As expected, those who are said to among the bidders are Sportsbet, Ladbrokes and bet365, while there is also a bid from Crownbet, who are undergoing a change of ownership themselves.
A decision of who will win the right to exclusively negotiate over the sale is expected by this Friday and will end a month of speculation since William Hill’s UK parent announced it was ‘reviewing its Australian business’.
There is still an outside chance that it may persist in Australia under an altered business model, but that appears unlikely.
The future of current William Hill CEO Tom Waterhouse, who came to the business when it acquired his personalised brand in 2013, is also unclear.
William Hill announced its results last week, with a 11 per cent increase in profit but a one per cent drop in revenue on a business which generated $2.55 billion in turnover.