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?

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."