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Online betting company 888 Holding's proposed acquisition of 's non-US business from Caesars Entertainment for £2.2billion could drive its share price higher, analysts said, as the enlarged group grabs a larger share of the market.
Peel Hunt upped its expectations for the firm on Monday, increasing its target price by 50 per cent from 500p to 750p.
is currently trading at 390.4p, having risen 1.5 per cent for the day at time of writing, a price at which the analysts said is ‘materially undervalued'.
888's proposed acquisition of William Hill's non-US business was announced last week
The Gibraltar-based operator online betting announced the deal last week, with 888 taking on William Hill's 1,400 UK betting shops and its European business, and creating a combined group of 12,000 employees
It said the takeover would help it deliver at least £100million in annual cost savings, diversify its revenues sources, and enable it to benefit from the fast-expanding sports betting market.
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