BUSINESS LIVE: Petrofac mulls asset sale; Capita completes sell-off; Spotify to cut headcount

William Hill owner 888 rejected a takeover by a gambling software firm this summer, it has been revealed.

The betting giant received a £700million written offer from Playtech in July.

But the offer – a price of 156p per share – was deemed to be too low for the company, according to The Sunday Times.

Petrofac is mulling a sell-off of non-core assets after the oilfield services firm warned it will no longer be able to meet its full-year guidance of ‘broadly neutral free cash flow’ due to payment delays.

‘While the group has made progress in reaching contractual settlements and unwinding working capital, given delays in securing advance payment guarantees, it no longer expects to receive these advances before the year-end,’ Petrofac said in a statement.

The company added it is exploring potential new financial options across all its classes of capital, and is actively engaged in discussions with investors to take a non-controlling position in certain other components of its business portfolio.

Last week, shares in London-listed Petrofac dropped to a record low as analysts flagged concerns over its balance sheet due to payment delays.