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William Hill approached by 888 and Rank for betting merger

UK betting company William Hill has been approached by rival gambling companies 888 and Rank Group about a merger.

William Hill said it would "listen to and think about" any proposal.

However, it was unclear that a mix of William Hill, 888 and Rank would "deliver exceptional worth", the company said, external.

Online operator 888 and Rank, the UK's biggest casino chain, stated they saw "substantial industrial reasoning in the mix".

William Hill stated the method was "highly initial", while Rank and 888 stated they had actually not yet made a formal deal to the bookie's board.

Shares in William Hill increased 4.8%, while 888 shares rose 3.4% and Rank lost 0.5%.

'Surprise'

The relocation comes simply days after William Hill's chief executive, James Henderson, was ousted from the UK's greatest wagering shop operator following a series of revenue cautions.

Mr Henderson, who took the helm in August 2014, had failed to resolve problems in the company's having a hard time online service.

In May, its most recent trading upgrade, the firm stated, external net incomes had actually fallen 11% in its online department in the 17 weeks to 26 April.

William Hill's shares have actually dropped 21% given that the start of the year, valuing the former FTSE 100 company at ₤ 2.7 bn.

David Jennings, an analyst at Davy, said the news was "certainly a surprise, offered that the combined worth of 888 and Rank is ₤ 1.7 bn".

Rank and 888 stated there was "no certainty that any transaction will ultimately happen".

Rank's president, Henry Birch, is a previous head of William Hill's online department.

Under UK takeover guidelines, the companies have up until 21 August to either make a firm deal or stroll away.

The potential bid follows William Hill tried to get 888 last year in a ₤ 720m bet9ja's welcome offer, however the yohaig code deal collapsed after 888 rejected the offer as too low.

Since then, competing wagering firms Ladbrokes and Gala Coral have actually concurred a ₤ 2.3 bn merger which received preliminary regulator approval in May.

The combined group would make it bigger than William Hill, presently the largest UK bookie based on variety of shops.

Irish bookie Paddy Power and online operator also concurred to join forces last September.

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