The share price of 888 Holdings, owner of brands such as 888poker, are trading approximately five percent less than yesterday following the news that The O Shaked Shares Trust has sold its entire stake in the business.
Sinitus Nominees Ltd is the trustee of The O Shaked Shares Trust and it said it intends to sell 46,283,534 ordinary shares at a price of 243 pence per share, reducing its stake in 888 to zero. Prior to this sale, the 46.3 million shares represented approximately 12.9 percent of 888 Holdings.
The sale comes only four months since the Shaked Family reduced their equity in 888 Holdings by 37 percent after selling 40 million shares for £108 million and will likely stir up rumors of a takeover of the company.