888 Holdings PLC rebuffed a £700 million takeover bid from gambling software provider Playtech PLC, the Sunday Times reported.

Citing City sources, the newspaper said Playtech had made an indicative approach in July, pitching an offer at 156 pence per share. Bookmaker 888 believed this undervalued the firm. The Gibraltar-based betting operator, which owns the William Hill and Mr Green brands.

https://www.thetimes.co.uk/article/playtech-in-700m-bid-for-william-hill-owner-888-gfhlpmv0n

888 named Per Widerstrom as its new chief executive officer in July, after a bit of turbulence at the top in the months before that. Former CEO Itai Pazner stepped down immediately in January, around the same time 888 reported it had suspended some activities in the Middle East amid a customer compliance probe.

888 shares surged 19% to 84.20 pence each in London on Monday morning. The stock is down 17% over the past 12 months, however. It has a market capitalisation of £377.7 million.

Playtech shares were up 3.2% at 429.20p.

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