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William Hill plc And GVC Holdings plc Consider Possible Joint Offer for Sportingbet

Wednesday, 19 Sep 2012 09:57am EDT 

William Hill plc announced that the Company and GVC Holdings plc ("GVC") note the recent share price movement of Sportingbet plc ("Sportingbet") and confirm that they are in the preliminary stages of considering a possible joint offer for Sportingbet. William Hill and GVC have committed to work exclusively with each other in this regard. It is currently envisaged that any possible offer would be structured such that when completed William Hill would acquire the Australian and certain other locally licensed businesses of Sportingbet (the "Regulated Businesses") and GVC would acquire the remaining parts of the Sportingbet business. Any offer would be substantially in cash with an element of GVC paper. William Hill intends that the entity initially acquiring the Regulated Businesses would be a subsidiary of William Hill and not William Hill Online. GVC and William Hill reserve the right to amend the terms and structure of the possible offer in due course. In accordance with Rule 2.6(a) of the Code, William Hill and GVC must, by not later than 5.00 p.m. on 16 October 2012, either announce a firm intention to make an offer for Sportingbet in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code 

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