The Family of 888 Holdings co-founder Aharon Shaked has sold about 40 million shares of their stake in the company for about 0 million, according to Israeli media outlet Globes.
The sale reduced the 888 stock owned by Aharon’s widow and his two children to 12.9 percent of the total issued share capital. Shaked’s brother Avi Shaked holds an additional 24.1 percent of the company.
The late Shaked—who died in 2010—was part of the founding of the company by two families—Shay and Ron Ben-Yitzhak and brothers Avi and Aharon Shaked. When the company launched an IPO, the Ben-Yitzhak family had a 23 percent stake in the company and the Shaked family owned 34 percent, according to the report.
The Ben-Yitzhak family has consistently sold its shares in stages and now holds only about 3 percent of the company’s shares. The Shaked family, however, held onto its shares until this sale.
According to the report, the heirs sold 40 million shares—about half of its stake—at £2.70 a share, garnering £108 million.
According to the report, the various sides of the Shaked family have a contentious relationship which may have led to failed negotiations to sell the company to UK competitor William Hill in February 2014. The report suggested the sale is indicative of differences among the family’s various factions.
