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William Hill rejects modified bet9ja's welcome offer from Rank and 888

15 August 2016

Bookmaker William Hill has actually turned down a modified takeover approach from 888 and Rank, stating it still "substantially" underestimates the company.

William Hill stated the new proposition offered its shareholders an approximated worth of 352p a share, compared with a previous offer of 339p a share.

Rank and 888 reaffirmed their view that the offer was "a compelling value production chance for William Hill".

But William Hill said the modified deal was "extremely opportunistic".

"The board continues to see no benefit in engaging with the consortium," the business included.

The modified takeover proposal would see William Hill shareholders get 199p in cash and 0.86 of shares in BidCo - the company being formed by 888 and Rank to Hill - for each share they own.

William Hill investors would end up with 48.8% of the combined group.

Under the previous approach, William Hill investors were provided 199p in money and 0.725 BidCo shares, leaving financiers with 44.6% of the combined group.

'Substantial danger'

"This revised proposition continues to substantially underestimate the company and the money aspect of the proposition has not altered. Therefore, the board sees no benefit in engaging," stated William Hill's chairman, Gareth Davis.

"As we have actually said before, this is highly opportunistic and complicated and does not improve the strategic positioning of William Hill.

"The board continues to think we have a strong group to provide remarkable worth to our shareholders and trading at the yohaig code start of the 2nd half provides us renewed confidence in our stand-alone technique."

Casino and bingo hall operator Rank and online gambling group 888 said that the proposed brand-new combination would develop the UK's biggest multi-channel betting operator by profits and revenue.

They also stated it would lead to expense savings of at least ₤ 100m a year, while more savings could possibly be discovered "through positive engagement".

However, William Hill has stated the cost savings will not be achieved completely up until the end of 2020 and posture "significant danger for William Hill shareholders".

The president of 888, Itai Frieberger, said a combined business might "lead development in the sector", while Rank chief executive Henry Birch said the deal made "engaging strategic sense for all three organizations".

The UK's second and third-largest retail bookmakers, Ladbrokes and Gala Coral, are presently continuing with their ₤ 2.3 bn merger, which will see them leapfrog over William Hill to become the country's most significant business in the yohaig code sector.

The Competition and Markets Authority has actually informed the two companies that they need to sell 350 to 400 shops in order for the merger to be cleared.

William Hill in gambling takeover spat

11 August 2016

William Hill declines Rank and 888's bid

9 August 2016

Rivals propose William Hill merger

25 July 2016