UPDATE 1-Top William Hill investor Parvus rejects any Amaya deal

Thu Oct 13, 2016 2:26pm EDT
 
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* Parvus says tie-up has "limited strategic logic"

* William Hill says has duty to assess it

* Parvus says wants all other options considered (Adds detail from letter, bullet points, background)

By Simon Jessop

LONDON, Oct 13 (Reuters) - A leading investor in British betting company William Hill, Parvus Asset Management, said it would oppose any reverse takeover of Canadian firm Amaya , given its "limited strategic logic".

Parvus said a deal would also "destroy shareholder value" in an open letter to the board on Thursday, and it wanted the firm to consider all alternative options for maximising shareholder value, including a sale of the company.

The firms had announced talks on a tie-up on Oct. 7, just two months after William Hill rejected a revised takeover approach from online rival 888 and casinos and bingo halls operator Rank Group.

William Hill said it was still assessing a tie-up.

"It shouldn't take more than five minutes of the board's time to realise this deal doesn't pass the smell test," Mads Eg Gensmann, co-founder of 4.3 billion euro Parvus told Reuters.   Continued...