William Hill Rejects Approach from Rank and 888 Holdings
William Hill has once again rejected the offer from 888 Holdings and Rank Group to buy the bookmakers for £3.16 billion.
William Hill first rejected the offer last Tuesday and then the companies once again approached saying that it was a “compelling value creation opportunity for William Hill”. However, William Hill believes that the proposal substantially undervalues the company and will not engage in it.
888 Holdings and Rank are hoping to create the UK’s largest multi-channel gambling operator but William Hill said that the proposal is highly complicated and offers a very low premium. Furthermore they described the offer as opportunistic and risky for their shareholders. The offer would see 888 taking over Rank and then the newly formed company would buy William Hill but at present it seems highly unlikely that this scheme will come to fruition.