Business in Brief: William Hill Is Cool to 888, Rank Offer

Delek units bid for Cyprus exploration rights | Rada Electronics eyes $25m offering | Tel Aviv shares lower on heavy turnover

The 888 Holdings Plc sports betting app homepage sits on an Apple Inc. iPhone 6 beside a pint of beer in this arranged photograph taken in London, U.K., on Friday, July, 17, 2015.
Chris Ratcliffe, Bloomberg

William Hill is cool to 888, Rank offer

British bookmaker William Hill gave a frosty response Tuesday to a proposed takeover bid from 888 Holdings and Rank Group. The group’s shares jumped after William Hill, which is without a CEO and about to lose its market lead following a wave of industry consolidation, confirmed had received a preliminary approach from casino operator Rank and online gambling group 888, which is controlled by the Israeli brothers Avi and Aaron Shaked. “It is not clear that a combination of William Hill with 888 and Rank will enhance William Hill’s strategic positioning or deliver superior value to William Hill’s strategy,” it said in a statement. The tie-up would bring together a leading online gambling player, Britain’s top casino and bingo hall operator and the country’s biggest high street bookmaker. Shares of 888 ended up 3.4% at 230 pence. (Reuters

Delek units bid for Cyprus exploration rights

Delek Drilling and Avner, the two energy units of Yitzhak Tshuva’s Delek Group, said Tuesday they had submitted bids in a government tender for exploring for natural gas offshore Cyprus. The two companies said they each hold 25% of a partnership with Capricorn Oil, a unit of Britain’s Cairn Energy that will serve as operating partner if they win the bidding for blocks 6, 8 and 10 in the island country’s exclusive economic zone. The Cyprus Mail quoted Energy Minister Yiorgos Lakkotrypis as saying six bids were received from eight companies. No names will be released until Wednesday, but the list is expected to contain a few majors. The Cyprus license may become the second tie-up with Cairn, after Delek last week offered to buy 20% of the Kraken development, North Sea oil field in which Cairn holds a 29.5% stake. Delek Group shares ended down 1% at 817.20 shekels $210.26). (TheMarker Staff)

Rada Electronics eyes $25m offering

Rada Electronic Industries is taking advantage of the big run-up in its Nasdaq-traded share price since the start of June to file over the weekend for a $25-million share offering. The company, which has a market capitalization of just $23 million, filed a shelf prospectus on Friday with the U.S. Securities and Exchange Commission for an offering of shares and warrants, which industry sources said it would put into research and development and marketing. Shares of Rada climbed about two-thirds from the start of June amid reports that it would be a subcontractor for a $250-million order won by Israel Military Industries from the U.S. Army and a second $600-million contract won by Israel Aerospace Industries from the German armed forces. But news of the offering sent the share price tumbling Tuesday; it was down 9.9% at 63 cents late morning local time in New York. (Yoram Gabison)  

Tel Aviv shares lower on heavy turnover

Tel Aviv shares ended lower Tuesday in heavy trading, weighed down by bank shares. The benchmark TA-25 index lost 0.3% to 1,463.92 points, while the TA-100 ended almost unchanged at 1,276.81, as 1.63 billion shekels ($420 million) in shared changed hands. Opko Health led TA-100 shares lower, falling 1.3% to 38.16. Bank shares were lower, too. But mobile carriers were sharply higher, with Cellcom Israel ahead 5.9% to 27.69 and Partner Communications gaining 2.6% to 18.68. IDB Insurance rose 1.9% to 187.70 in brisk trading and Formula Systems gained 1.8% to 139. (Omri Zerachovitz)