Online gaming company Sportingbet received an indicative offer from Britain's biggest bookmaker William Hill and GVC Holdings for about £350m.

However the company said it "significantly undervalued the business".

The offer of 52.5 pence per Sportingbet share comprises 45 pence in cash from William Hill and 7.5 pence in shares in GVC, and represented a 2% premium to Sportingbet stock's closing price on Friday.