Last week we brought you the news of a potential £5 billion merger between PokerStars owner Amaya Inc and sports betting giant William Hill.
The deal is now off after both companies announced it was not in their best interests.
Amaya Chairman Divyesh Gadhia said:
Together with our financial advisers, we evaluated a wide range of strategic alternatives to maximize shareholder value and have concluded that remaining an independent company is in the best interest of Amaya’s shareholders at this time. The Board has full faith in Amaya’s management to execute on its strategy and objectives.
At the same time William Hill announced they had walked away from the deal after objections from shareholders. In a statement they said:
After canvassing views from a number of William Hill’s major shareholders, the board has decided that it will not pursue discussions with Amaya. Accordingly, the board has informed Amaya that it is withdrawing from discussions and wishes Amaya well for the future.
Former Amaya Inc CEO David Baazov is still reported to be interested in acquiring the company, as are GVC Holdings Plc, although as yet no formal offer has been made.