888 co-founders said to have sold shares amid fears over company future

Tuesday, May 31, 2016 11:39

888 co-founders, the Ben-Yitzhak family have sold a £59.6m stake in the FTSE-listed gambling operator.

The brothers Ron and Shay Ben-Yitzhak founded the company with Avi and Aharon Shaked, also brothers, in 1997, and have now reduced their share in the company to just below the 3% disclosure threshold.

The shares were placed on the market at a price of 205p a piece. Some sources suggest that the Ben-Yitzhak brothers have decided to reduce their share, as a result of a dispute over future plans for 888 Holdings Plc.

William Hill inquired about purchasing the company last year. Talks, however, ended as a result of a key stakeholder, said to be Avi Shaked, asking for 300p a share and not showing any willingness to accept the 200p share price, desired by William Hill.

The company includes different products, including sports betting under the banner 888sports, poker games under 888poker and an outstanding online casino, which goes by the name 888casino and provides players with some of the most renowned slot titles, such as Cleopatra by IGT.