Group Backed by Ex-GVC Chair Seeks Changes at Gambling Firm 888

An investor group including a former betting executive are pushing for changes at 888 Holdings Plc to boost the UK gambling firm’s value, according to people familiar with the matter.

(Bloomberg) — An investor group including a former betting executive are pushing for changes at 888 Holdings Plc to boost the UK gambling firm’s value, according to people familiar with the matter.

The consortium, which includes former GVC Holdings Plc Chairman Lee Feldman, have contacted 888 with their proposals, the people said. The group has built up a stake of more than 6% in the company, the people said, asking not to be identified discussing confidential information.

Proposals could include leadership and strategy changes, the people said. A representative for 888 couldn’t immediately comment. 

“We think these are great assets that are currently undervalued,” Feldman said by phone Tuesday, declining to comment further. GVC renamed itself as Entain Plc in 2020.

888 Chief Executive Officer Itai Pazner stepped down in January amid a probe into whether some of the British gambling group’s VIP accounts violated money-laundering policies. Shares of 888 have fallen about 63% in London trading over the past 12 months. 

–With assistance from Thomas Seal.

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