Shay and Ron Ben-Yitzhak, two of the co-founders of 888 Holdings, have sold an approximate £59.6 million worth of shares in the company.The two brothers, who founded 888 along with the Shaked brothers, Avi and Aharon in 1997, have reduced their staked to 2.59% after the sale.
Failed mergers
888 has been rumoured to be discussing mergers with several companies in the wake of the POCT and its effect on companies involved within the casino industry, but these have all failed to get off the ground.A planned merger between 888 and William Hill made strides earlier last year, but ultimately failed due to a disagreement with a shareholder, thought to be Avi Shaked, who asked for 300p a share as opposed to the 200p offered by William Hill.888 also lost out on a deal to purchase BwinParty despite having agreed a deal last year, with GVC swooping in and offering a better deal to that being offered by 888.
Shares reduced
The Ben-Yitzhak Family Shares Trust previously owned 37.1 million shares, giving them around 10.4% of shares in 888, but this has now been reduced to 9.3 million. The Shaked family owns 48.2%, split evenly between Avi and the children of his late brother, Aharon.In another recent change, 888 has a new CEO, after Itai Frieberger took the position full time in March, having acted as interim COO since May when Brian Mattingley stepped down to take the position of executive chairman of the board.