888 Activists Propose New Management Team with Kenny Alexander as CEO
FS Gaming Investments, the group that last calendar week revealed a 6.57% bet inwards 888 Holdings, is putting forward a young direction slate. That includes former GVC CEO Kenny Alexander the Great for the same role at the castellated William J. J. Hill parent.
Reportedly, the Alexander-backed grouping also wants Sir Leslie Stephen Morana to make o'er as 888 finance director, a role he antecedently held at Betfair. Betfair is at present a building block of Flutter Entertainment (OTC: PDYPY). FS Gaming made the pitch shot to 888 Executive Chairman Jonathan Mendelsohn, who they require to replace with former GVC Chairman Lee Yuen Kam Feldman.
With the 6.57% involvement inwards 888, it’s believed that FS Gaming is now the second-largest shareholder in the sportsbook operator. In Jack London trading, shares of 888 rallied on reports of the FS Gaming management proposal, and as the keep company proclaimed the completed cut-rate sale of its Latvian operations to Paf for $30.65 million.
“The sale of the Lettish stage business marks another positive degree stair inwards the execution of our integration program,” said Erich Mendelsohn inwards a statement. “This sale generates hard cash proceeds from a non-core market place to back up our deleveraging plans, as good as enabling reinvestment into our core group and ontogenesis markets.”
888 Ripe for Management Shakeup
Gibraltar-based 888 is arguably primed for a management shakeup. Not only is the gaming companionship dealing with the regulatory wake of slack anti-money laundering protocols, it’s also grappling with C-suite upheaval.
Earlier this year, former chief executive director officer Itai Pazner resigned amid the money laundering probe. It’s expected current CFO Yariv Dafna will also take leave 888. Regardless of industry, firms with tenuous direction situations pass water for viable targets for activistic investors, of which it’s decipherable FS Gaming is one.
Owing to the reputations of Alexander, Feldman, Morana, and other FS backers, it’s believed the investment community of interests is warm to the thought of that triplet taking the reins at 888.
“The ane vexation we would make with regards to Mr. Alexander’s possible fitting would be whether on that point are any possible risks from the ongoing HM Revenue & Customs (HMRC) Turkish investigating that could wallop him personally,” wrote Goodbody psychoanalyst Jacques Louis David Brohan inward a report. “However, in that respect is no more skeptical the wealthiness of see that both appointments would work to 888.”
What FS Gaming Could Want with 888 Holdings
Beyond the aforementioned management changes, FS Gaming’s plans for 888 aren’t in time clear. Should the investment pool establish successful inwards reshuffling the gaming company’s management, doors undetermined from there.
Those include potentially repurchasing shares of a stock up the aggroup views as deeply undervalued, or perchance positioning 888 for a sale.
Himself an zealous bettor, horse parsley is no more stranger to dealmaking. In his to a greater extent than 13-year stint as chief executive of GVC, now Entain, he oversaw the company’s ledger entry into the BetMGM partnership with MGM Resorts International (NYSE: MGM). He also helmed GVC’s enlargement from the possessor of a bingle sportsbook to ane of the largest operators inward the industry, including in Europe and Australia.
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