Betfred owner increases stake in William Hill
Fred Done ups his stake to 4.12% via holding company following prior purchase in March
Betfred owner Fred Done has increased his recently purchased stake in rival UK bookmaker William Hill to 4.12%.
Earlier this month, Done took advantage of a crashing stock market by acquiring shares equating to a 3.04% stake in William Hill.
Done Brothers (Cash Betting) Limited holding company now owns a 4.12% stake in Hills after the operator’s share price continued to tumble, while speculation builds over a potential consolidation bid.
At the time of the initial purchase, Done said the incentive was that Hills was hugely undervalued in the nascent US sports betting market.
Elsewhere, Betfred has written to its retail shop landlords asking for a rental payment holiday following the coronavirus outbreak and the mass postponement of major sporting events.
In a letter, Betfred COO Mark Stebbings said: “This decision has not been taken lightly and I would emphasise at this time that we are not looking for a rental deduction. We require a rental ‘holiday’ to allow us to get over the current challenges, which are unprecedented in modern times.”
William Hill shares are currently trading at 38.9p.