The heirs of Aharon Shaked last night sold a 12.9% stake in online gambling company 888 Holding plc (LSE:888). They sold 46.3 million shares at £2.43 each for a total of £112 million (about NIS 527 million).
888's share price closed at £2.55 last night. JPMorgan and Morgan Stanley led the sale of the shares.
As recently as June, Aharon Shaked's heirs sold 40 million 888 shares - half of their holding at that time - for £2.70 per share and a total of £108 million.
888 was founded in 1999 by two families - technology experts Shai and Ron Ben-Yitzhak and wealthy businessmen Avi and Aharon Shaked. After the company's IPO the Ben-Yitzhak's held a 23% stake and the Shaked 34%. Over the years, the Ben-Yitzhak's gradually sold their stake, selling their last shares about 12 months ago. They accumulated about NIS 1 billion before tax including dividends. Aharon Shaked died in 2010 leaving his stake to his wife Chaya, son Ohad and daughter Tal.
Published by Globes [online], Israel business news - www.globes-online.com - on October 4, 2017
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