Anyone holding these? Evil K drove the price right down and now they seem to be recovering---are they worth considering now they seem to have sorted out their finances?

Is nobody else interested in these?

Watching the chart for a breakout above 45p leedslad> Not sure they are much of an outfit on a fundamental view though.

Broker note out today:
"The timing of William Hill’s move for Sportingbet may come as a surprise to many given that most would have expected the group to concentrate its fire power on exercising the William Hill Online call options. While a deal for both Sportingbet and Playtech’s WHO stake could cost in the region of £900m and would require an element of equity and debt funding, we believe that the company has the capacity to complete both deals in the near term.
We estimate that a deal to acquire Sportingbet alone at a price of 65p (cost £544m) could enhance FY13 EPS by 6%, and would imply 38% of group EBIT from online. Additionally we believe the implied ratings post a deal would be undemanding (FY13 PE of 11.4x and an FY13 EV/EBITDA of 8.3x). If the group was also to acquire the 29% of William Hill Online from Playtech for £350m (total M&A cost of £895m using a 10% equity raise and £675m additional debt) this would enhance FY13 EPS by 11%. Under this scenario c.46% of group profits would be derived from online, and the FY13 PE would be 10.8x and the EV/EBITDA would be 8.3x.
Overall, we would view the move for Sportingbet’s regulated businesses as a positive that makes both strategic and financial sense for William Hill. Based on our calculations, the implied multiples post a transaction appear undemanding for a group that would have such a growing online presence (up to 45% FY13 EBIT from online if the group exercises both M&A opportunities). BUY

Peel Hunt downgrades to Hold old TP 40p no new Tp.

"Sportingbet notes the recent press speculation regarding the approach by William Hill and GVC. The Board of Sportingbet confirms that it has received an indicative offer from William Hill and GVC of 52.5 pence comprising of 45 pence in cash from William Hill and 7.5 pence in shares in GVC. The Board of Sportingbet has responded that this indicative offer significantly undervalues the business and its future prospects."

Sportingbet rejects 52.5p-a-share offer from William Hill/GVC
By Benjamin Chiou

Mon 01 Oct 2012

SBT - Sportingbet



LONDON (SHARECAST) - AIM-listed online betting firm Sportingbet has rejected an indicative joint offer from sector peers William Hill and GVC Holdings for 52.5p per share.

Sportingbet announced two weeks ago that it was approached by the two companies which were drawing up a possible offer.

The company confirmed weekend press rumours on Monday by saying that the offer – comprising of 45p in cash from William Hill and 7.5p in shares in GVC – was not high enough.

“The board of Sportingbet has responded that this indicative offer significantly undervalues the business and its future prospects,” the firm said in a statement.

Prior to the initial approach on September 19th, Sportingbet’s shares had been trading within 40-44p range. The announcement sparked a jump to the 50-54p mark.

Analysts at Panmure Gordon said in a research note today: “We believe Sportingbet is worth over 60p a share excluding any bid speculation and expect Wednesday’s FY results to show the business continues to make strong underlying progress.”

The shares were given an extra boost by the news today, trading up 3.40% at 53.25p by 15:06.

Peel Hunt note today:
"· Cash disappointing: The cash component has come in at the bottom of the potential valuation range we highlighted in our note of 28 September, while the GVC equity component has come in at the top end. This may be because of the composition of what GVC is getting for its money, but our initial thoughts are that as it stands it looks as though William Hill has got the best deal. Depending on what William Hill defines as regulated business outside of Australia, the multiple paid is likely to be 10x-12x prospective EBITDA (pre central costs). We suspect William Hill has played hardball on the lack of potential synergy benefits, but would not be surprised if it managed to extract more than originally anticipated.

· Odds favour bidders: The board of Sportingbet has said that if the bid is as outlined, then it is minded to accept such an offer. For us, the key question is how much value can be attributed to GVC paper? If shareholders see little value in this, then selling out at 49p a share might appear short-termist. The problem for Sportingbet is that a good proportion of the shareholder base either was in there for the bid or also hold shares in William Hill. Therefore, while we do not see the bid as a knockout, the odds favour the bidders.

· A winner for William Hill: For William Hill, an acquisition of Sportingbet would be a good deal strategically, and the price paid looks reasonable for such a strategic asset. It is also another example of a forward thinking management team. The probable equity issue that would be required to fund a purchase of the WHO minority is likely to be well received."