BOOKMAKING juggernaut William Hill has made an offer of £242m to buy igaming group MRG as the company seeks to expand into more markets within Europe.
The bid, which stands at SEK69 in cash per share and which was made through William Hill Holdings, has been recommended for shareholder acceptance by the MRG board.
MRG will help ensure William Hill remains at the forefront of the online gaming world.
The igaming group currently has a foothold in 13 markets including Denmark, Italy, Latvia and Malta, has brands including Mr Green and Redbet.
The MRG swoop – which follows on from a scheduled increase in online gaming tax outlined by the UK government this week – is intended to strengthen William Hill’s international business and drive further online penetration.
William Hill’s CEO Philip Bowcock said the move sets the company up in multiple online platforms.
“This proposed acquisition accelerates the diversification of William Hill, immediately making us a more digital and more international business.
“MRG will provide William Hill with an international hub in Malta with market entry expertise and strong growth momentum in a number of European countries. William Hill will move from a single brand to a suite of brands that can maximise growth opportunities moving forward in new and existing markets.”
The two companies are now expected to publish an official document offer at the beginning of December, with an acceptance period running from December 10 to January 11 and an aim to complete the deal not long thereafter.